Cassidy, Ricketts, Republican Colleagues Support President Trump’s Executive Order to Stop Politically Motivated Debanking

WASHINGTON - U.S. Senator Bill Cassidy, M.D. (R-LA) today joined U.S. Senator Pete Ricketts (R-NE) and Republican colleagues in urging the U.S. Office of the Comptroller of the Currency (OCC) to combat politically motivated "debanking" in line with President Trump's recent Executive Order. The senators called on the OCC to ensure access to financial services is based on objective, individualized, risk-based standards and not political discrimination. In recent years, conservative, religious, and other lawful organizations have reported being denied or stripped of banking services based on their beliefs or affiliations, raising serious concerns about discrimination within the financial system.

"As the OCC works to implement the E.O., we encourage you to fully assess and address the negative impacts of voluntary debanking," wrote the senators.

"The OCC should consider rulemaking to eliminate politically motivated, voluntary debanking and require financial institutions to offer financial services based on objective and individualized risk-based analysis," continued the senators.

Cassidy and Ricketts were joined by U.S. Senators Marsha Blackburn (R-TN), Kevin Cramer (R-ND), Mike Crapo (R-ID), Lindsey Graham (R-SC), Jim Justice (R-WV), Cynthia Lummis (R-WY), and Jim Risch (R-ID) in sending the letter.

Read the full text of the letter here or below.

Dear Comptroller Gould:

We write to you to express our support for President Trump's "Guaranteeing Fair Banking for All Americans" Executive Order (E.O.). As you work to finalize the E.O., we want to highlight the need to address all forms of politically-motivated debanking.

We are encouraged by the progress already made by the Trump Administration, including the Office of the Comptroller of the Currency (OCC) under your leadership, to eliminate all remaining vestiges of Operation Choke Point" (OCP) and "Operation Choke Point 2.0" (OCP 2.0). In your statement in support of the E.O., we were pleased to see that you already removed reputational risk from OCC guidance and that you intend to ensure unlawful debanking is not repeated in the future. In order to effectively eliminate the harmful effects of OCP 1.0 and 2.0, an exhaustive review of all relevant federal government guidance documents, regulations, and internal policies is necessary. We appreciate your steadfast commitment to achieving that objective.

Despite the end of OCP 1.0 and 2.0, some financial institutions continue to adopt discriminatory policies voluntarily. While we are starting to see companies update their policies, action must be taken to stop this voluntary-type of debanking in the future. As the OCC works to implement the E.O., we encourage you to fully assess and address the negative impacts of voluntary debanking. As a part of this effort, the OCC should consider rulemaking to eliminate politically motivated, voluntary debanking and require financial institutions to offer financial services based on objective and individualized risk-based analysis - a process that began during President Trump's first term.

Again, thank you for your leadership and commitment to a sound, thriving financial system. We support the OCC's efforts to orient federal financial service industry regulations, guidance, and enforcement away from political discrimination to ensure all individuals have access to necessary banking services.

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