WASHINGTON – U.S. Senator Kevin Cramer (R-ND), a Senate Banking Committee member, announced today 27 senators are cosponsoring his Fair Access to Banking Act, a bill he introduced yesterday to prevent discrimination by banks and financial service providers against constitutionally-protected industries and law-abiding businesses.

“Discrimination has no place in our society, and big banks are no exception,” said Senator Cramer. “I am grateful for my colleagues’ support in this effort, and I hope others will join.”

Senator Cramer’s bill protects fair access to financial services and ensure providers operate in a safe and sound manner. It builds off the Trump Administration’s Fair Access Rule and the Freedom Financing Act which Senator Cramer introduced last Congress. Learn more here.

This legislation has the backing of over one-fourth of the Senate and more than half of the Republicans on the Senate Banking Committee, with Senators Thom Tillis (R-NC), John Kennedy (R-LA), Steve Daines (R-MT), Marsha Blackburn (R-TN), Cynthia Lummis (R-WY), Rick Scott (R-FL), Jim Inhofe (R-OK), John Hoeven (R-ND), Tommy Tuberville (R-AL), Bill Cassidy (R-LA), John Barrasso (R-WY), Ted Cruz (R-TX), Shelley Moore Capito (R-WV), Mike Braun (R-IN), Tim Scott (R-SC), Tom Cotton (R-AR), Dan Sullivan (R-AK), Josh Hawley (R-MO), John Cornyn (R-TX), James Lankford (R-OK), Roger Marshall (R-KS), James Risch (R-ID), Cindy Hyde-Smith (R-MS), Roger Wicker (R-MS), Mike Crapo (R-ID), and Jerry Moran (R-KS) joining as cosponsors.

“Financial service providers should never be allowed to ban law-abiding businesses just because they think it’s politically expedient,” said Senator Tillis. “This legislation is an important step in preventing discrimination and protecting fair access to financial services.”

“Banks should not get into the ‘cancel culture’ business by refusing their services to companies or individuals they may disagree with, whether on Second Amendment rights or their stance on abortion. It’s critical all Montanans have equal access to financial services and our bill would ensure this happens,” said Senator Daines.

“Banking shouldn’t be a red versus blue battleground. Law-abiding Americans should have access to financial services regardless of political position. The Fair Access to Banking Act would ensure that banks rely on impartial risk assessments—rather than politicized discrimination—when providing their services. If banks want to become advocacy groups that ignore the Constitutional protections of their clients, they would be breaking the law,” said Senator Kennedy. 

“Over the last few years, we have seen a disturbing trend in the financial services industry involving the intentional discrimination of entire industries by the largest banks in the United States. Companies and customers complying with federal and state law must have access to credit and services based on their creditworthiness, rather than social or political pressure,” said Senator Crapo. 

“We cannot let political bias influence the financial services industry,” said Senator Tim Scott. “When banks let discrimination creep into their treatment of law-abiding businesses like firearms dealers, they inappropriately assume the role of policymakers. I am proud to support legislation that ensures banks base their business decisions on sound analysis, not politically-motivated discrimination.”

“It’s concerning to me on many levels that regulators and banks can choose winners and losers based on partisan ideology. I’m proud to support Senator Cramer’s bill that would codify the Trump Administration’s Access to Financial Services Rule. In Wyoming, where our economy is anchored in the energy, agriculture, and financial innovation industries, we know how important it is for businesses to be considered for loans and financial services based on their economic viability alone, not politics,” said Senator Lummis.

“America is the land of economic opportunity, and big banks’ ideologically discriminatory practices cannot stand in the way. Fair Access to Banking Act codifies the Trump administration’s efforts to hold big banks accountable—fostering equal economic opportunity regardless of political ideology,” said Senator Blackburn.

“The United States is a nation founded on free market principles of fair and equal access to opportunity. We cannot allow financial service providers to unfairly tip the scales and arbitrarily discriminate against American companies. Our bill, the Fair Access to Banking Act protects free market values and makes it clear that discrimination by banks and financial institutions against legal, law-abiding businesses will not be tolerated,” said Senator Rick Scott.

“No lawful business should be discriminated against, deterred or rejected from using financial services due to political differences,” said Senator Inhofe. “Sadly, that is exactly what is happening to law abiding businesses, including energy producers and firearm and ammunition manufacturers throughout the country. I am proud to cosponsor the Fair Access to Banking Act as an effort to hold large banks and credit unions accountable for politically motivated, discriminatory actions. This bill ensures lawful businesses have fair access to financial services, and it will punish institutions who fail to comply with the law.”

“Access to banking services is essential for nearly every business. This legislation ensures that large financial institutions aren’t able to deny access to financial services to businesses and individuals based on considerations other than impartial, risk-management standards,” said Senator Hoeven.

“Banks should not be hamstrung by liberal groups who seek to restrict lending to qualified businesses just because these businesses do not promote a progressive agenda,” said Senator Tuberville. “The Trump Administration was right to address this issue in their Fair Access Rule, and the Biden Administration was wrong to stop this rule from being fully implemented. Essential American businesses should not have their access to financial capital discriminated against, especially as we recover from the economic impacts of COVID-19. I am proud to join Senator Cramer and my colleagues to rid political bias from lending practices.”

“It’s unacceptable for banks to target people and industries,” said Dr. Cassidy. “This legislation ensures critical employers in Louisiana like oil and gas development are treated fairly.”

“This legislation is a victory for America’s blue-collar energy workers and producers, gun manufacturers, and industries who have been arbitrarily denied access to capital. I have long said that partisan interests should not deter a legal, creditworthy institution from acquiring fair access to financial services. I urge my colleagues in the Senate to take up and swiftly pass this bill,” said Senator Cruz.

“At the end of the day, if banks pick and choose which industries they’ll work with based on political reasons, the men and women who work in those particular industries end up being the ones hurt,” said Senator Capito. “This commonsense legislation would ensure employers and workers in the energy sector or firearms manufacturing are protected from political activism by financial institutions.”

“I am proud to co-sponsor the Fair Access to Banking Act, which will ensure that big banks aren’t permitted to cut out certain sectors of the economy on the basis of political affiliation,” said Senator Braun.

“Large financial institutions receive support from American taxpayers and have a duty to treat those taxpayers fairly and equally. Our bill will ensure law-abiding businesses are evaluated based on their credit risk, not based on far-left activists’ social cause of the day,” said Senator Cotton.

“As we work to build momentum toward a robust and lasting economic recovery from this pandemic, the last thing our country needs is America’s large financial institutions blacklisting whole sectors of the economy, and hurting our workers and communities,” said Senator Sullivan. “After Alaska energy projects—which employ thousands of hard-working Americans—were targeted by the Big Banks in late 2019, we worked for months with federal officials, including the Office of the Comptroller of the Currency, to prevent this kind of discrimination against industries that have fallen out of favor with radical left-wing activists. I am glad to join Senator Cramer in introducing legislation to establish this commonsense policy in law, bring substantial consequences for banks that violate it, and protect every American business’ fair access to capital in order to create jobs and help strengthen our communities.”

“Big banks and financial services providers should not be allowed to discriminate and cancel Americans over their political beliefs,” Senator Hawley said. “I’m proud to cosponsor this legislation to keep law-abiding businesses from being blacklisted at woke capital’s behest.”

“Trying to ‘cancel’ certain legal industries, like energy companies or gun manufactures, by pressuring lenders not to loan them money is boycott by cancelling,” said Senator Lankford. “Banks should look at a company’s credit history and other financials when considering loaning them money, not whether they agree with them or use their services. Banks operate on well-established lending practices, not bias. This bill makes sure we continue to protect a neutral playing field for everyone in our nation, not just businesses that push a progressive agenda.”

“There is no place for cancel culture and discrimination in our financial system. Our legislation takes a proactive approach to prevent activists from pressuring banks not to finance animal agriculture, firearm manufacturers, energy producers, and other law abiding businesses,” said Senator Marshall. 

"Banks, credit unions, and financial service providers are not above the law, and have no legal standing to refuse law-abiding businesses service, especially for political reasons,” said Senator Hyde-Smith. “This important legislation would ensure banking institutions operate on an impartial basis, and establishes penalties for those that put political agendas over the law.”

“Financial service providers wield immense power and should not be able to block constitutionally-protected businesses or industries to please political activists,” said Senator Wicker. “Attempts to cut off law-abiding organizations like energy producers or firearm manufacturers from our economy are an affront to the rights of all Americans.”

“A difference in politics is not a valid reason to deny a law-abiding business access to capital,” said Senator Risch “The Fair Access to Banking Act will keep big banks from discriminating against entire industries--like energy production or gun manufacturing--because of political prejudice.”