Senator Kevin CramerKevin John Cramer Lawyers see pilot program to tackle highway inequalities a critical first step (RN.D.) will present a bill to codify a deposit Rule from the Trump administration that sought to force banks to serve the fossil fuel and gun industries.
The rule, first proposed in November, banned banks to refuse to serve industries on the basis of categorical exclusions rather than individual risk.
This was in response to Conservative concerns that banks are not funding the fossil fuel industry or gun manufacturers.
Old President TrumpDonald Trump Stowaway found in airplane landing gear after flight from Guatemala to Miami Kushner looking for Middle East investors in new venture presented the rule as a means of ensure equitable access to funding, and Cramer describes his legislation, which is unlikely to become law given Democratic control of Congress and the White House, as a matter of “fairness.”
A number of banks have placed restrictions on the funding of certain fossil fuel-related activities such as drilling in the Arctic.
“There is no room in our society for discrimination, and the big banks are no exception,” he said in a statement. “Financial service providers do not have the right to circumvent the Constitution or the law to de facto ban legally compliant businesses such as energy producers or firearms manufacturers when they believe it is. politically practical. “
Critics of the Trump rule have said banks should not be forced to serve certain industries and criticized invoking discrimination against gunmakers and fossil fuel companies given the struggles people of color.
The legislation would prevent banks of a certain size from refusing to do business with anyone who abides by the law; and would prohibit credit card companies from refusing service for political or reputational reasons.
Violators could face fines of up to $ 10,000 per violation and a ban on borrowing money from the Federal Reserve through its one-stop lending program.
The Biden administration has blocked the publication of the Trump rule in the Federal Register until a full-time currency comptroller can review it, halting it until the presidential candidate takes his functions.