Guaranteeing Fair Banking for All Americans

Summary:This executive order addresses the issue of financial institutions restricting access to banking services based on political or religious beliefs, or lawful business activities. It establishes new federal policy and regulatory requirements to ensure all Americans have fair and objective access to financial services.Key Sections:Section 1: PurposeDescribes the background and context, including government-directed surveillance, “Operation Chokepoint,” and the harm caused by politicized or unlawful debanking.Section 2: PolicyDeclares that no American should be denied access to financial services because of their protected beliefs or affiliations. All banking decisions must be based on objective, risk-based analysis.Section 3: DefinitionsDefines “politicized or unlawful debanking” and “Federal banking regulators.”Section 4: Removing Reputation Risk and Politicized or Unlawful DebankingOrders federal banking regulators to remove “reputation risk” and similar concepts from their guidance and to notify and reinstate clients denied service for politicized or unlawful reasons.Section 5: Scrutinizing Politicized or Unlawful DebankingRequires the Treasury to develop a strategy to combat such debanking, and mandates reviews, remedial actions, and referrals for violations.Section 6: General ProvisionsClarifies the order’s legal scope and implementation requirements.Notable Quotes:“No American should be denied access to financial services because of their constitutionally or statutorily protected beliefs, affiliations, or political views.”“Banking decisions must instead be made on the basis of individualized, objective, and risk-based analyses.”