An executive order will direct the government to take action to prevent banks from cutting off customers for political reasons.PoliticoBy Michael Stratford08/07/2025President Donald Trump signed an executive order Thursday directing federal regulators to punish banks that illegally discriminate against conservatives with fines and other penalties, escalating his administration’s campaign against “debanking.”The order calls on the Treasury Department and federal banking regulators to take action to prevent banks from cutting off customers for political reasons. Many of the policy changes build on efforts that are already underway by Trump-appointed regulators at the banking agencies.But the order also, for the first time, instructs regulators to retroactively review whether financial institutions have in the past illegally closed accounts for political or religious reasons and determine whether to penalize offending banks with fines, consent orders, or through referrals to the Justice Department.
So in other words... it is a witch hunt.
Conservatives have long accused big Wall Street banks of blacklisting certain religious organizations and right-leaning industries like fossil fuels and firearms. And more recently, the crypto industry has complained that increased scrutiny from Biden-era regulators pressured banks into severing ties with digital asset firms or investors. Some Republican-led states have passed or considered laws to prevent banks from refusing business from certain industries or engaging in any political discrimination.
Gee... would you loan money to an asbestos company? Or to a coal company, or to a Trump company... somehow Trump thinks that is illegal!
The executive order also directs banking regulators to take a range of other steps aimed at addressing debanking. That includes some actions that regulators have already taken in the first months of the Trump administration, such as dropping “reputational risk” as a factor that regulators consider in their evaluation of financial institutions. Republicans argue that banks have unfairly cut off customers or industries based on the associated reputational risk of doing business with them.
THAT IS NOT ILLEGAL!
Graham Steele, who was a top Treasury Department official during the Biden administration, said he thought concerns about debanking were overblown and the issue was being used as a tool to help conservative-favored industries like fossil fuel companies and crypto while also advancing deregulation for banks.
If I don't loan you money because I consider you a sleazebag and I feel that it damage my reputation, that is not against the law!
The federal protected classes are:
- Race
- Color
- National origin
- Sex (includes pregnancy, sexual orientation, and gender identity as of recent interpretations by the EEOC and Supreme Court)
- Religion
- Disability
- Age (40 and older — under the Age Discrimination in Employment Act)
- Genetic information (under the Genetic Information Nondiscrimination Act)
- Citizenship status (limited protections under the Immigration Reform and Control Act)
- Veteran status
Do you see anything in the list about political party?
No comments:
Post a Comment