WASHINGTON (February 4, 2025) – WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, today penned this op-ed in the New York Post arguing that Congress must stop federal regulators from pressuring banks to remove the accounts of their political adversaries.
Key excerpts of the op-ed are below:
“It’s not a crime to dissent from the woke agenda, but that didn’t stop the Biden administration’s financial regulators from treating people who disagree with it like terrorists.
“For the past four years, the federal government has placed major banks under immense pressure to close accounts owned by conservative individuals and businesses with little notice or transparency.
“This practice—known as debanking—used to be reserved for crime organizations and money launderers.
“Under President Biden, though, debanking became one of the federal government’s most effective censorship tools.
“Without a bank account, Americans cannot receive direct deposits, pay many bills or securely transfer money.
“In an increasingly cashless world, debanking doesn’t just shut a person out of his bank account—it shuts him out of society.
“On Wednesday, the Senate Banking Committee is holding a hearing so Congress can begin to understand how widespread this abusive practice has become.”
. . .
“Fair-minded Americans know the federal government should not be enticing major banks to treat law-abiding citizens like terrorists.
“That’s why I’ve introduced the No Red and Blue Banks Act, which would prohibit the federal government from contracting with banks that refuse to do business with companies solely because of political differences.”
. . .
“In America, you can believe what you want.
“Congress must protect all law-abiding citizens from religious and political discrimination, including their ability to bank.”
Read Kennedy’s full op-ed here.
The full text of the No Red and Blue Banks Act is available here.
