Washington, D.C.— U.S. Congressman Andy Barr (R-KY), Chairman of the House Financial Services Subcommittee on Financial Institutions and Monetary Policy, reintroduced the Fair Access to Banking Act. The Fair Access to Banking Act would prohibit banks from denying fair access to financial services under the standards of woke corporate cancel culture and prevent the weaponization for political purposes. This bill is endorsed by the National Shooting Sports Foundation (NSSF), National Rifle Association (NRA), National Mining Association (NMA), Blockchain Association, National Pawn Brokers Association, and the Kentucky Coal Association.
“Banks should make lending decisions relying on objective, risk-based metrics, not the standards of woke corporate cancel culture,” said Congressman Andy Barr. “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. I am proud to partner with Senator Cramer on this crucial bill to stop the politicization of access to capital that threatens jobs and compromises our nation’s values.”
“Congressman Barr’s ‘Fair Access to Banking’ bill is vital to ensure financial service providers aren’t discriminating against lawful industries like the firearm industry to score points with the ‘woke’ cancel culture. This legislation will ensure financial institutions, when deciding whether or not to offer services to fully legal and lawful businesses, make such decisions based upon verifiable financial data and not on the political or social views of a few bank executives,” said Lawrence G. Keane, NSSF’s Senior Vice President and General Counsel. “The banking industry has benefited from taxpayer bailouts and taxpayer-funded insurances, and it is unacceptable that these same banking institutions believe they can arbitrarily deny services to legal, constitutional businesses such as our industry, which gainfully employs millions of Americans and helps guarantee the right to keep and bear arms. The firearm industry thanks Representative Barr for his leadership to guarantee all legal and regulated American companies have fair and uniform access to financial services.”
“Americans and American businesses have been subjected to an extended period of economic uncertainty and the availability of credit is more important than ever if we are going to return to a period of economic stability. All industries need financial institutions to make lending decisions based on the facts – not on subjective criteria that allow banks to pick market winners and losers among the industries that are the foundation of the U.S. economy. The mining industry continues to deliver for our economy in good times and in bad, and this legislation will ensure that it is evaluated through fair, unbiased financial decision making.” Rich Nolan, President and CEO of National Mining Association.
"Blockchain Association is proud to support Rep. Andy Barr's Fair Access to Banking Act, ensuring crypto companies are treated the same as any other law-abiding company in the United States. These businesses need bank accounts to operate, holding dollars to pay rent, payroll, and taxes. It is pivotal for regulators to maintain neutrality with respect to our banking system, allowing innovators the freedom to bank here in the United States." Kristin Smith, CEO of Blockchain Association
“The National Pawnbrokers Association is aware of many instances where banking relationships (many of them long-term) of businesses in our industry have been summarily terminated”, said Boyd Naylor, President NPA. “We further believe that the Fair Access to Banking Act would go far in curtailing these unfair and capricious actions. The National Pawnbrokers Association supports the Fair Access to Banking Act.”