Cynthia M. Lummis

Mr. President, Procedure · 11 wordsreserving the right to object, the immediate consideration of S. 5389, ProcedurePositioning · 20 wordswhich the Senator from Massachusetts has requested, has given her an opportunity to blast again President Trump and his family.Positioning Claims · 63 wordsWorld Liberty Financial is not his business; ¹it is his children’s business. This body has been very reticent, for good reason, to control the economic activities of the children of Members of the Senate. This is their business, and they have very good reason to choose to go overseas to do that business--because they were debanked in the United States for political reasons. Reasoning · 42 wordsIf you have a business that has accounts in American banks and you are told you have got a week to get your money out of that bank and you are going to have to make payroll, you have got a problem. Claims · 46 wordsThe Trump kids had a problem because, during the last administration, they were debanked.² During the last administration, oil and gas companies were debanked. Firearms companies were debanked. Digital asset banks that were banking digital asset companies and were completely solvent were forced out of business. Positioning · 31 wordsThat is what happens with people who are obsessed with bank surveillance and obsessed with power--that is what they do with it--and now we are seeing it again in S. 5389.Positioning Claims · 14 wordsThis bill has so many technical flaws that I don’t know where to start. Procedure · 7 wordsSo let’s start with the word ``control.’’Procedure The question · 31 wordsDoes the Senator from Massachusetts use the word ``control’’ to mean control under the Bank Holding Company Act or the Home Owners’ Loan Act or the Change in Bank Control Act? Claims · 7 wordsIt is not specified in the text.³ The question · 31 wordsDoes the Senator realize that there is a massive loophole in her bill that would permit a covered person to acquire a bank through a change of control application to purchase? Claims · 226 wordsThe Senator from Massachusetts may also not have realized that the Federal Reserve Board is not the legal decisionmaker for master accounts under 12 U.S.C.⁴ 2488. The Federal Reserve Banks are. Many times, including in the Custodia case before the U.S. Supreme Court, the Federal Reserve Board directs an outcome to the Federal Reserve Banks, as is the case in Custodia, but the Board does not approve applications. I would also like to remind the Senator from Massachusetts that she cheered on the Federal Reserve, the FDIC, and the OCC when they weaponized their powers and terminated the bank accounts of many law- abiding Americans--those engaged in digital asset activities, firearms, and oil and gas. It was all part of Operation Choke Point 2.0.⁶Unearned certainty On the Banking Committee, we finally saw the guidance documents that were being used by the Federal Reserve through its division of bank supervision, which is overseen by the Vice Chair of the Federal Reserve. They were using guidance, saying: If directors of a bank or the president of a bank is making inappropriate political remarks, that is a reason for a little bureaucrat to get after him. That is what happened in Canada when the truckers had their bank accounts shut down because they were picketing the capital, ⁵and people who donated to their cause had their bank accounts shut down. Positioning · 23 wordsThis is a surveillance state in the making, Unearned certaintyand the leader of that surveillance state in the making is in this room tonight.PositioningUnearned certainty Claims · 7 wordsShe is the proponent of S. 5389. Positioning · 7 wordsThis is a stain on our country.Positioning Claims · 34 wordsWe have to rid this country of this stain wherein we surveil our own people through their bank accounts-- how they spend their money--the seeing eye of the Federal Government on what you do. Positioning · 10 wordsThis is wrong. This is un-American. This bill is un-American.Positioning Procedure · 5 wordsFor these reasons, I object.Procedure