Tag: Banks

Federal Investigators Demanded Banks Search Private Transactions for Words Like ‘MAGA,’ ‘Trump’

South Carolina Sun Staff
Cabelas Store

On Wednesday, the Republican majority on the House Judiciary Committee revealed even more drastic examples of government surveillance and breaches of privacy in the aftermath of the protest on January 6th, including the searching of Americans’ private bank transactions.

According to Fox News, the Judiciary Committee and the subcommittee on the Weaponization of the Federal Government described their latest findings in a letter obtained by Fox. The letter states that investigators ordered banks to search through their customers’ private transactions for key terms such as “MAGA” and “Trump,” while also claiming that the purchasing of “religious texts” were a sign of “extremism.”

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Banks Are Making Easy Money Off Crisis Government Program Designed to Bail Them Out

South Carolina Sun Staff
Federal Reserve

Banks are leveraging current interest rate projections to make a profit off of a program created last year designed to give access to funds for the sector amid a banking crisis, according to The Wall Street Journal.

The Federal Reserve created the bank term funding program in the midst of a banking crisis started by a bank run at Silicon Valley Bank (SVB) in March due to fears that SVB’s collapse would spread to the rest of the industry, according to the WSJ. Struggling banks can take depreciated bonds at face value and exchange those with the Fed for one-year loans in an effort to bolster liquidity, but since the loans are tied to future interest rate expectations and interest rates are increasingly expected to drop in the near future, banks can turn a profit on the difference.

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