.RepAndyBarr introduced legislation that would prevent big banks from refusing or limiting financial services to certain businesses, such as those in the fossil fuel industry. The Fair Access to Banking Act already has more than three-dozen co-sponsors.
The bill, the Fair Access to Banking Act, already has more than three-dozen co-sponsors and is companion legislation to a bill introduced in the Senate by Sen. Kevin Cramer . The effort is part of a broader Republican pushback against the environmental, social, and governance movement, or ESG.
"Banks should make lending decisions relying on objective, risk-based metrics, not the standards of woke corporate cancel culture," Barr said in a statement."My legislation codifies the Fair Access Rule to ensure that Radical environmentalists, gun control advocates, crypto antagonists and other political activists cannot weaponize financial institutions in their fight to achieve their political agenda.
If the banks covered in the bill refuse to do business with someone in violation of the legislation, they risk losing the use of the Federal Reserve's discount window lending programs and could have their status as an insured depository institution terminated. The move is just another foray in a growing GOP battle against ESG, one in which it appears to be making headway.
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