Time To Stop the Illegal Financial De-Platforming Of Conservatives

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Conservatives face all kinds of censorship from the private sector. Big Tech will ban your account and employers will fire you just because of your political beliefs. This free market suppression could escalate into conservatives losing their bank accounts and credit cards due to their political views. For some people, it’s already happened…

We could very well see such a nightmare scenario occur under a President Joe Biden. That’s why it’s imperative for the Trump Administration to do something right now to protect ordinary Americans from the depredations of liberal corporations.

Thankfully, one agency may already be doing something about this. The Office of Comptroller of the Currency is considering a new policy which would prohibit banks from denial of service for ant non-financial reasons, including a particular customer’s political views. The idea has a solid legal basis; it simply implements the language in Title III of the Dodd-Frank Act of 2020, which directs the OCC to “assure the safety and soundness of, and compliance with laws and regulations, fair access to financial services, and fair treatment of customers.” It’s already very straightforward.

The proposed policy is still in draft form and is open for public comment here

The policy states that financial institutions may not “deny any person a financial service the bank offers except to the extent justified by such person’s quantified and documented failure to meet quantitative, impartial risk-based standards established in advance by the covered bank.”

The proposal advises banks to do more to assess potentially risky customers rather than adopt the practice of “total avoidance.” It reads, “Higher-risk categories of customers call for stronger risk management and controls, not a strategy of complete avoidance.”

The OCC’s leadership understands why this rule is necessary: to protect ordinary Americans and groups from forms of financial political discrimination. “There is a creeping politicization of the banking industry that has the propensity to be very, very dangerous,” acting comptroller of the currency David P. Brooks and OCC chief economist Charles W. Calomiris wrote in a Wall Street Journal op-ed. “Most of the targeted industries are those unpopular with the political Left; however, we’ve heard reports & allegations of banks being pressured to cut off programs and business also disfavored by the Right, such as Planned Parenthood.” 

OCC is attempting to stay above all the politics by acknowledging both sides of the political aisle can be affected by financial blacklisting. In the age of woke capitalism, however, there’s no question that the Right is the greater target.

Their draft policy proposal notes two primary targets of woke debanking: privately-run immigration detention facilities and gun related businesses. “Some banks have reportedly ceased to provide financial services to owners of privately owned correctional facilities that operate under contracts with the Federal Government and various state governments. Makers of shotguns and hunting rifles have also been debanked in recent years,” the proposal notes.

Their proposal is accurate. JP Morgan Chase, Wells Fargo, and Bank of America all cut their financial business ties to ICE facilities after activist pressure. These same banks also financially discriminate against gun manufacturers and sellers for the same reasons. In 2018, the New York Times published an article that argued in favor of this approach as a means to achieving gun control. The article advocated for Visa and Mastercard to pressure gun sellers until “assault weapons would be eliminated from virtually every firearms store in America unless otherwise the sellers didn’t wish to be de=platformed from the merchant credit card system.”

The Times’ article concluded, “It takes leadership and courage—exactly what these bank executives claim to have. If they won’t back up their words with actions, then the next time there’s a school shooting that prompts a gun control conversation about gun companies, it also needs to include the financial complex that supports them,”

The OCC’s new policy rule would force banks into ignoring the demands of liberal journalists and Antifa militants in order to uphold the principles of traditional American liberty.

Several Republican senators openly support such protections as proposed by the OCC’s rule. Senators Ted Cruz (R-Texas), Mike Crapo (R-Idaho), Lisa Murkowski (R-Alaska), Dan Sullivan (R-Alaska), Tim Scott (R-S.C.), and John Kennedy (R-La.) have all expressed support for the OCC’s rule or similar policy measures. “Banks are in the business to provide financial services; not be the arbitrators of social policy. They should not be allowed to punish legal industries like payday lenders or firearms dealers only because they disagree politically; nor should they be allowed to only promote & offer credit to politically favored industries,” Sen. Scott said in a November press release. 

Scott is exactly right. As OCC’s leaders made clear in their op-ed: “Banks don’t set national policies. They don’t choose what goods and services are available to consumers. Nor do they determine which industries are legal or illegal. It’s the job of democratically elected government to make those decisions.”

Freedom of speech is one important factor which makes America unique and great, but we all lose that freedom when left-wing activists weaponize corporate power in order to deny basic services to their political enemies. What purpose does the First Amendment serve if you can’t access the internet, can’t work, and can’t even bank because of what you say & believe? It’s time to protect average Americans from the malevolent power of woke capitalism.

No one should ever lose their wealth or bank account simply because of their political views.✪