Sen. Kevin Cramer, R-N.D., and Rep. Andy Barr, R-Ky., said they are taking aim at the influence of "woke corporate cancel culture" on banking with the recently introduced Fair Access to Banking Act.
“Banks should make lending decisions relying on objective, risk-based metrics, not the standards of woke corporate cancel culture,” Barr said in a statement to FOX Business. “Our legislation codifies the Fair Access Rule to ensure that radical environmentalists, gun control advocates and other political activists cannot weaponize financial institutions in their fight to achieve their political agenda."
BANKS BRACE FOR TOUGHER RULES UNDER BIDEN ON CONSUMER PROTECTION, FAIR LENDING
The bill, introduced in both the House and Senate earlier in March, would punish banks that fail to comply with a civil penalty of up to $10,000 or revoking their status as an insured depository institution or insured credit union.