In light of President Donald Trump signing an executive order that effectively bans politically-driven debanking, a Kentucky lawmaker plans to introduce legislation codifying fair access to banking for all Americans.
Trump’s recent EO forbids federal banking regulators such as the Small Business Administration from using “reputation risk” when regulating or assessing financial institutions such as private banks, as The Center Square reported.
The administration believes the practice can and has led to financial institutions closing or restricting the accounts of clients – as well as refusing services to new clients – based on individuals’ controversial but constitutionally protected viewpoints or actions.
