Senator Kevin Cramer, RN.D., and Rep. Andy Barr, R-Ky., Said they were targeting the influence of “awakened companies cancel culture” at banking with the recently introduced Fair Access to Banking Act.
“Banks should make lending decisions based on objective, risk-based metrics, not the standards of an awakened corporate cancellation 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 militarize financial institutions in their struggle to achieve their political agenda.”
The bill, introduced in the House and Senate earlier in March, would punish banks that fail to comply with a civil fine of up to $ 10,000 or revoke their status as an insured deposit institution or cooperative of insured credit.
Cramer said the bill would ensure law-compliant businesses don’t lose access to banking services “just because people in power like John Kerry want to bankrupt them” after Politics Biden climate envoy John Kerry has reported pushing the big banks to create a net zero-emission banking alliance.
Cramer also referred to recent actions by major U.S. banks for refuse to provide loans or credits for oil and gas drilling in the Arctic National Wildlife Refuge which has been approved last year, as well as PayPal and Capital One restrictions on the purchase of firearms and ammunition.
The bill has more than 30 Senate co-sponsors.
“As climate change continues to affect our economy, it is essential to understand your bank’s adaptation and mitigation strategies,” Warren wrote in a letter to CEOs of several major banks.
The Massachusetts senator asked bank executives from JPMorgan and Chase, Citigroup, Bank of America, Goldman Sachs, Wells Fargo, Bank of New York Mellon, Morgan Stanley and State Street to answer questions about the measures each institution ” takes to understand, adapt and mitigate the financial risks posed by the climate crisis.