AFFM Statement in Response to South Carolina Passage of the Guarantee Banking Act

Following the passage of South Carolina’s Guarantee Banking Act, Americans for Free Markets Executive Director David Ibsen issued the following statement in response:

“We respect South Carolina lawmakers’ efforts to address government-driven, politically-motivated debanking. However, the Guarantee Banking Act ultimately moves the state in the wrong direction.

“A lasting federal solution is already in progress through President Trump’s executive order, Senator Tim Scott’s FIRM Act, and recent actions by federal agencies. Banking is a national system, and a patchwork of state regulations will create more confusing red tape, higher costs, and fewer choices for consumers and businesses.”

“South Carolina has built a strong reputation by supporting free-market policies. We hope lawmakers there, and in other states considering similar proposals, will continue working toward a consistent national approach that protects Americans without undermining competition or access to banking services.”

Read David Ibsen’s op-ed on the Guarantee Banking Act HERE.