East Idaho Times

U.S. Senators Mike Crapo and Jim Risch, both Republicans from Idaho, have announced their support for the Fair Access to Banking Act. This legislation aims to prevent banks and financial service providers from discriminating against constitutionally-protected industries and law-abiding businesses, including firearms manufacturers and energy producers. The bill is led by Senator Kevin Cramer of North Dakota and has garnered co-sponsorship from 38 additional Senate Republicans.

Senator Crapo expressed concern over what he describes as a "disturbing trend" of discrimination by the financial services industry against lawful businesses. He stated that "individuals and companies in compliance with federal and state law must have full access to credit services based on their creditworthiness, not social or political pressure."

Senator Risch emphasized that "financial institutions should never deny access to services due to political ideologies." He noted that the Fair Access to Banking Act seeks to ensure that banks do not discriminate against law-abiding individuals for their viewpoints.

The proposed legislation includes several measures: penalizing large banks and credit unions if they refuse business with legally-compliant individuals meeting specific criteria; preventing payment card networks from discrimination based on political or reputational considerations; requiring written justification from qualified banks when denying financial services; and imposing penalties on providers who fail to comply with the law.

During the Obama Administration, Senator Crapo opposed "Operation Choke Point," an initiative where federal agencies pressured banks to limit access to payment systems for politically disfavored industries such as firearms businesses. Crapo challenged guidelines issued by banks that could restrict financial services to firearm-related entities if they did not align with bank preferences. Both Crapo and Risch have previously co-sponsored similar legislation in past Congress sessions.