4.6 • 949 Ratings
🗓️ 13 February 2025
⏱️ 16 minutes
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0:00.0 | This is the Catery Daily podcast for Thursday, February 13th, 2025. |
0:08.9 | I'm Caleb Brown. |
0:09.9 | It's hard to function in the modern world without a bank account. |
0:13.2 | Yet many disfavored groups have found it difficult to get or maintain bank accounts. |
0:18.3 | Federal regulators can strongly influence decisions by banks to serve or not serve |
0:23.6 | certain customers. As administrations change, who is disfavored by regulators could change as well. |
0:30.4 | Cato's Nick Anthony discusses how debanking works. Nick is any American entitled to a bank account? |
0:39.9 | No, that is not one of the rights we are afforded. |
0:43.8 | Banking, we should understand, is one of the most heavily regulated industries in America. |
0:51.8 | It is almost essential to function in modern society having a bank account. And it should be up to |
1:04.3 | individual institutions, whether or not they do business with you. And yet we don't seem to have that clear situation in the United States when it comes to banking. |
1:18.2 | That's exactly right. |
1:19.9 | And it's interesting because I'm glad you frame that as being within the case of banking. |
1:26.4 | So many other places, It's kind of considered common |
1:30.4 | sense or maybe a better way to describe that is it's just intuitive and it's something you don't |
1:36.2 | really consider. But with banking, we've had a problem as of late where banks have decided they want to stop doing business with either a certain |
1:48.5 | industry or a certain customer. And there's really been two types of responses to this. On one |
1:57.1 | hand, there's concerns about government pressure to cut off those decisions, |
2:03.0 | and that's wholly wrong because there the government is trying to decide how a business should operate. |
2:08.4 | But on the other hand, there's people taking issue with banks making private decisions about their own operations. |
2:16.6 | And in taking issue with this, they've responded with |
2:20.1 | proposing even more regulations on the banks, even more restrictions to say what they can and can't do. |
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