‘Banks are not chartered to manage social policy…’
(Michael Barnes, Liberty Headlines) Political activists are increasingly targeting law-abiding citizens with whom they disagree—and they’re also targeting businesses.
Chief among them are banks.
Under threat from politicians like socialist Rep. Alexandria Ocasio–Cortez, D-NY, and hordes of allied radicals, financial institutions are beginning to terminate services to individuals and organizations that fall on the opposing side of guns, climate change and immigration.
“Not everything has to be done through legislation explicitly,” Ocasio–Cortez recently told Politico about her “shaming” activities.
House Democrats are also leveraging their power on the House Financial Services Committee to harass finance industry executives to discourage them from offering banking services to companies that build oil pipelines, make firearms or provide services to illegal immigration detention centers.
But Sen. Mike Crapo, an Idaho Republican, has had enough.
Crapo chairs the Senate Banking Committee, and on Thursday he sent letters to eight bank CEOs telling them that they need to continue providing credit and services to both customers and companies that are fully obeying the law.
“Banks serve customers who are geographically and politically diverse, and it is wrong to use essential banking services as a way to choke off such services to lawful, creditworthy businesses,” wrote Crapo.
Although Crapo did not outline any direct consequences should the practice continue, he could certainly exert pressure of his own — which he alluded to.
“Banks are not chartered to manage social policy,” he wrote.
“Large banks, which receive significant forms of government support and benefits, should continue to provide credit and services to customers and companies that comply with federal and state law and should not seek to replace legislators and policymakers,” he continued.
Crapo also fought against an insidious Obama administration program called “Operation Choke Point,” where former Attorney General Eric Holder’s Department of Justice was politically targeting lawful businesses that did not comport to the Obama-Holder agenda.