“For too long, our banking system has served those at the top, turning away low-income families and families of color,” said Sen. Sherrod Brown. “We must continue to learn about these recent bank failures and we must strengthen our financial guardrails.”
who were eligible might not have received COVID relief payments.
“For too long, our banking system has served those at the top, turning away low-income families and families of color,” Brown said in a statement to Yahoo News. “In 2020, during the early months of the COVID crisis, Congress passed direct cash relief for families — but we struggled to get those emergency funds to people that didn’t have bank accounts.
A Federal Reserve police officer guards the entrance to the Federal Reserve's William McChesney Martin Building in Washington, D.C. “I do think the Fed’s actions and some of the discussions over the past week have helped throw into relief the fact that banks are not mere private intermediaries, but serve an essential public function, by creating and managing the majority of the country’s money supply,” Crawford said, adding, “The upshot is that banks are still private businesses, but with a significant public aspect to them.
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