Ensure Fair Access To Banking
Leaders in Washington have the opportunity to cut the red tape – guaranteeing fair access to banking for all Americans and safeguarding our free markets.
Under previous administrations, vague, outdated policies created an environment where politically-motivated regulators pressured financial institutions to cut services for disfavored individuals and industries.
Their “debanking” agenda, now known as Operation Chokepoint 1.0 and 2.0, trampled on the freedom of American individuals and businesses and leveraged the government to advance their political agenda.
Thankfully, President Trump is in the White House – doing away with outdated policies and calling out the bureaucrats who targeted people they didn’t agree with. He took action through a recent executive order to ensure this won’t happen under future administrations.
Now, it’s up to Congress and the administration to shut the door on government-driven debanking once and for all. This includes enacting policies and modernizing outdated laws that protect free markets and prevent regulatory overreach in America’s financial system.
For example, Congress and the administration can:
Codify the removal of “reputation risk” into law so that it cannot be abused by regulators.
Establish a national fair access standard that prohibits banks from making decisions based on politics or religion.
Modernize outdated laws like the Bank Secrecy Act, including anti-money laundering laws and Know Your Customer rules.
Protect the ability of financial institutions to make independent, sound business decisions, free from undue regulatory pressure.
What They Are Saying: Financial Experts, Policymakers Applaud President Trump’s Executive Order to End Government-Driven Debanking
President Trump signed an executive order taking direct aim at government-driven “debanking,” ordering regulators to remove “reputation risk” from the supervisory process and directing the U.S. Treasury to partner with Congress on a national strategy to end the practice. Americans for Free Markets (AFFM) commends this decisive action to address the long-standing problem of “debanking”… Read More
Learn more about government-driven debanking:
