‘A small number of banks controlling most of the financial sector could effectively illegalize legal commerce by refusing to finance certain industries…’
(Lionel Parrott, Liberty Headlines) A new Senate bill seeks to prevent the nation’s most powerful financial institutions from denying services to legally supported industries with whom they disagree.
Sen. Kevin Cramer, R-ND, introduced the Freedom Financing Act, which would ensure that commerce in certain industries is not subjectively restricted by corporate banks with over $10 billion in assets.
It was motivated by big banks threatening to cut off services to gun rights groups in retaliation for their political beliefs.
Increasingly, activists have been targeting banks and putting pressure on them to comply with the Left’s agenda in other areas, such as immigration policy.
Some banks have been all too willing to comply.
“A small number of banks controlling most of the financial sector could effectively illegalize legal commerce by refusing to finance certain industries or process certain transactions,” said Cramer, who was elected to the Senate last November after defeating Democratic incumbent Heidi Heitkamp.
“Look no further than pro-Second Amendment industries where such discrimination has already occurred,” he added. “Big banks should not be the arbiters of constitutionality.”
“It’s not a bank’s job to create policy,” said Kennedy. ” … Banks should not be able to discriminate against lawful customers on the basis of social policy.”
In a swipe at powerful financial institutions, Kennedy added that the same customers being targeted are the same taxpayers who came to the banks’ rescue a decade ago by providing TARP bailout funding at the start of the recession.
“This kind of power move is an unfair assertion of dominance by the big banks, which is why it should be illegal,” Kennedy said.
According to the press release, the bill focuses on three industries where denial of service has been most egregious: firearms, ammunition and sporting goods.
Of course, even if approved in the Senate, it would still have to pass in the now Democratic-controlled House.
Despite liberals ostensibly being opposed to big banks wielding excessive power, its prospects there are unclear.