President Trump & Republicans in Congress Are Working to Address Debanking. State Efforts like Texas SB 946 Only Get in the Way.

Texas lawmakers are considering harmful state-level debanking legislation – SB 946. This legislation would result in a patchwork of laws that would not only make a bad situation worse, but fail to address the root of the issue and undermine uniform access to financial services.  

It is imperative that Texas lawmakers follow the lead of individuals like Texas State Sen. Tan Parker in turning toward President Trump and Congress to address this issue at the federal level. Parker introduced a resolution advocating for pro-free market policies and looking toward Washington on debanking earlier this session.

Read what conservative leaders and experts have to say on the issue and Sen. Parker’s resolution in opposition to legislation like SB 946:

Americans for Tax Reform alongside other conservative leaders wrote in a coalition letter:

“Senator Parker’s resolution not only condemns past abuses by regulators but also calls on Congress to modernize anti-money laundering laws, shifting the focus of banks and law enforcement to actual financial crimes rather than targeting innocent individuals or businesses. By supporting this resolution, legislators in Texas will reaffirm her commitment to financial freedom and serve as a model for other states as she has on so many other issues. We urge to swiftly take up and pass this resolution to build support for federal efforts to end debanking.”

Joel Griffith, Advancing American Freedom:

“Federal regulations – often imposed arbitrarily by unelected bureaucrats – are the root cause of debanking… Entire industries and even some religious organizations have been debanked without cause… This needs to change. Fortunately, this Republican-led Congress and the Trump Administration are already taking steps to avert this threat to individuals, businesses, and organizations. Although well-intentioned, the myriad of state proposals percolating as Congress delays a solution risks creating a web of conflicting regulations and onerous new compliance requirements.”

Patrick Gleason, Americans for Tax Reform: “

Tax policy, however, isn’t the only area where many consider Texas to be a policy trendsetter. Take the resolution introduced by Texas Senator Tan Parker (R-Flower Mound), which expresses support of the effort by the White House and Congress ‘to stop federal regulators from leveraging their authority to pressure banks to debank individuals and businesses.’”

Former U.S. Senator Pat Toomey:

“When it comes to addressing debanking, State Sen. [Tan Parker’s] resolution is the right model. Congress and the Trump Administration are leading on this issue — states should let them.”

Texas lawmakers should listen to the chorus of voices in opposition to state debanking legislation like SB 946 and look to President Trump and Congress to fix this instead.