As the America First Policy Institute wrote earlier this year, “It would be far preferable for states to support a fair and uniform federal standard that removes politics from the equation and enables banks to operate most efficiently.”

Florida is widely viewed as the gold standard among states for its business-friendly environment...However, a proposed expansion of Florida’s “debanking” rules shows how even well-intentioned regulations can disrupt free markets and limit consumer choice...My latest in @Fla_Pol

And while recent actions from Congress to raise CTR/SAR thresholds are very welcome start, it is not a substitute for full-scale AML reform. As Nick notes, we need Congress and @POTUS to push for comprehensive changes.

"The Supreme Court knew that there was a problem with this [Bank Secrecy Act] regime. They just didn’t anticipate how quickly it would get out of control...We have hit that point. In fact, that point was crossed a long time ago." @EconWithNick on much needed AML/BSA reform!

This is an important step as @POTUS works to ensure fair access for all Americans. As I wrote in @thehill: “the single most effective step... to address the unintended debanking of lawful citizens is to modernize the anti-money laundering framework.”

“This bill is yet another important step taken by Congress, along with the FIRM Act, to restore balance and fairness in the American financial system."

“For too long, these outdated and vague rules have created a regulatory climate that compels banks to file countless SARs even when there is little likelihood of criminal activity."

"The BSA’s reporting rules, which haven’t been updated in decades, force banks to process millions of low-value transactions that pose no real risk or represent illicit activity."

"The STREAMLINE Act ensures that banks can focus on genuine higher-risk activities...while maintaining the core objectives of the BSA: detecting money laundering, terrorism financing and other financial crimes." My statement on the Streamline Act and efforts to modernize the

Welcome move by @BankingGOP, to propose raising CTR and SAR minimum thresholds with the STREAMLINE Act. Long overdue! This builds on the @POTUS EO to tackle government-driven debanking and overreach.

"There are clear and, to some, notorious instances of regulators having put their finger on the scale," he said, citing excesses of the Operation Choke Point-era..." Gould focuses on OCC role in debanking fracas

By closing loopholes and demanding practical, risk-based standards, @USTreasury’s latest FAQ chips away at the ambiguity that has empowered regulators to debank Americans for political and arbitrary purposes. This is progress toward restoring fair access and accountability.

The FAQ also reins in regulatory overreach by clarifying that endless re-investigations and paperwork aren’t required when there’s no real risk. Instead, regulators have to focus on genuine threats – not on routine transactions by law-abiding Americans. 🧵3/4

The Treasury’s latest FAQ on Suspicious Activity Reporting Requirements (SARs) makes it clear: Regulators can’t pressure financial institutions to report activity simply because a transaction is close to $10,000. This is commonsense reform that cuts needless red tape. 🧵2/4

Vague anti-money laundering rules have armed regulators with unchecked power – leading to government-driven debanking that pushes lawful Americans and businesses out of the financial system. New guidance from @USTreasury is a step in the right direction. 🧵1/4

"SARs should deliver better outcomes by providing law enforcement the most useful information — not by overwhelming the system with noise..." Welcome reform here from FinCen👇👇

Banks can now spend less time checking boxes and shift resources to artificial intelligence and other innovative approaches for helping law enforcement and national security officials.” - Greg Baer

.@USComptroller is focused on weeding out a root cause of debanking – outdated AML policies that shut out lawful businesses instead of targeting true financial crimes. More in @amerbanker on smarter oversight and lasting protections for Americans’ financial access:

See what the experts are saying in this @ForFreeMarkets round-up: @norfl_taylor @michaellunsford @GlennHamer @jillhoman @dbseiden @EconWithNick

Under the new measure...agency staff will be expected to only issue warnings or impose penalties related to “practices and acts that have caused or could be expected to cause actual financial harm to the bank,”