ABA Statement on Senate Banking Committee Markup

“We congratulate Chairman Scott on the Senate Banking Committee’s vote to advance the FIRM Act, which restores banks’ flexibility to serve their customers, clients and communities without political interference and ensures that legal businesses can find a bank that meets their needs. This commonsense legislation reinforces that access to banking services should be determined by the free market and prudent risk management, not the personal perspectives of regulators.

“We look forward to continuing to work with members of the committee and other senators to ensure that the GENIUS Act delivers a durable regulatory framework around stablecoin as this important bill moves to the floor. We appreciate many of the changes that have been made to the legislation since its initial draft was shared and remain hopeful that any final legislation will avoid incentivizing a flow of deposits out of the banking system and protect the fundamental role that banks play in intermediating credit and powering the economy. We appreciate the bill sponsors’ willingness to hear the perspective of America’s banks and the customers and communities they serve.”