WASHINGTON – U.S. Senator Kevin Cramer (R-ND), a Senate Banking Committee member, met with Bank of America CEO Brian Moynihan today to discuss discrimination in the financial sector, especially as it relates to energy producers and the firearms industry.
“Success in America is achieved through innovation and individualism, not by caving to partisan political pressure and discriminating against law-abiding or constitutionally-protected businesses,” said Senator Cramer. “I am grateful Mr. Moynihan took the time to discuss the role of the financial industry in our culture, and I look forward to working with him in the future.”
Senator Cramer is leading the Fair Access to Banking Act, a bill backed by over 30 senators and a wide array of stakeholders, which would prevent financial service providers from discriminating against constitutionally-protected industries and law-abiding, credit worthy businesses. It builds off of the Trump Administration’s Fair Access Rule and expands on legislation Senator Cramer introduced last Congress. Learn more here.
According to its environmental and social risk policy framework, Bank of America refuses to finance the manufacturing of certain firearms, new thermal coal mines or the expansion of existing mines, or the construction or expansion of new coal-fired power plants unless those facilities employ technology that is focused on complete or near elimination of atmospheric carbon emissions.
Their conversation follows several similar meetings Senator Cramer has hosted this past month with JP Morgan Chase CEO Jamie Dimon, Goldman Sachs CEO David Solomon, Wells Fargo President and CEO Charlie Scharf, Citigroup CEO Jane Fraser, and Visa CEO Alfred Kelly, Jr., all of whom will be testifying at tomorrow’s Senate Banking Committee hearing entitled, “Annual Oversight of Wall Street Firms.”
