The U.S. Senate Banking Committee Advances the "Financial Transparency and Regulatory Compliance Act"

BlockBeats News, March 14th, the U.S. Senate Banking Committee advanced the "Financial Integrity and Regulation Management Act" this Thursday with a 13-11 vote. This act will prohibit federal regulatory agencies from using "reputational risk" as an assessment factor in financial regulation. Additionally, the committee made a series of revisions to the act, including adjusting regulatory approaches through "management schemes" to ensure that bank regulation is "tailored" based on their risk profile and business model.