Sen. Kevin Cramer (R-ND) has introduced a bill in the U.S. Senate that would ban the financial industry from canceling accounts of customers based on their political ideals or affiliations.
It really is long past time something like this is codified by law. Banks should not be allowed to cancel a customer just because back executives don’t like the customer because he is a conservative. And let’s face it, that is the only reason some banks have summarily ceased doing business with individuals. It is because those customers are conservatives.
Saying he wants a ned to this obscene behavior, Sen. Cramer says he wants to stop the “weaponization of the financial system.”
It couldn’t be more anti-American to cancel a customer merely because he is a Republican. Indeed, it would be just as un-American to cancel someone because he is a communist, a Muslim, an anarchist, or any other who distinctly stands against America.
Unless that account is used to break the law, no bank has a legitimate reason to cancel an account because of viewpoint discrimination.
It really is just that simple.
There used to be a day when businesses understood that their business is, well, business. But now, these big, woke corporations place left-wing, woke politics not only above Americanism but also above their own business interests.
Anyway, Sen. Cramer wants to put an end to this disgusting wokery.
Per Just the News:
According to the bill, banks and credit unions with assets over $10 billion would face penalties of up to $10,000 per violation for refusing to do business with legally-compliant businesses. The financial institution could also lose its status as an insured depository institution or insured credit union.
“There is no place in our society for discrimination, and big banks and financial institutions are no exception,” Cramer said in a statement. “The Biden administration and their liberal base are weaponizing the financial system to defund, debank, or discredit industries they do not like. It is fundamentally unfair.”
The senator cited Citigroup’s refusal to fund coal projects. Citigroup declined to comment when contacted by The Center Square.
Executives from several industries are praising the bill.
“This bill gives our producers the ability to provide affordable, reliable, and secure American energy resources to our country and the world,” said Ron Ness, president of the North Dakota Petroleum Council, in a statement provided by Cramer’s office. “The oil and natural gas industry need fair and non-discriminatory access to capital.”
This is a good bill.
But a law like this would not even be necessary were it not for the Democrats and their hate-filled leftist cohorts, who have decided that their agenda is more critical than tolerance and national comity.
Cross-posted with iPatriot