U.S. Senators Tommy Tuberville and Katie Britt are working to ensure that all Americans have access to quality financial services through banking no matter their political or social affiliation. In recent years, citizens and companies across the country with conservative views and practices found at times that their bank accounts had been closed without warning. The controversial practice is referred to as ‘debanking.’
To resolve the major issue, Tuberville and Britt have reintroduced the Fair Access to Banking Act.
“Banks should make lending decisions based solely on economic factors – not woke political concerns,” said Tuberville (R-Auburn) in a statement. “Big banks are bowing to pressure from woke activists who oppose loans being given to businesses that don’t fall in line with the left’s agenda. No financial institution should be pressured to cut off lending to a legitimate business. Financial discrimination is un-American and unacceptable. I’m proud to support the Fair Access to Banking Act to push back against attempts to weaponize the banking sector for political reasons.”
At a recent Senate Banking Committee hearing, Britt spoke to leaders in the industry about the issue.
“It is no secret that our financial regulators have become increasingly politicized over the last four years . . . When you’re prioritizing a social agenda or a political one, instead of actually ensuring that people have an opportunity and access to the American Dream, we’ve got to call that for what it is,” Britt (R-Montgomery) said. “And obviously, our large institutions play a vital role in our country and our banking system. But they need to stick to that—banking, not politics . . . ”
Britt thanked financial institutions in Alabama for putting their customers ahead of politics.
“I also just want to point out something that my colleagues have to hear me say all of the time, and that is just how grateful I am for our community, banks, and credit unions in Alabama that serve our local communities and give people access to the American dream, and remember that that is actually what they’re there for.”
Austen Shipley is the News Director for Yellowhammer News. You can follow him on X @ShipleyAusten
