We anticipated that the new administration would stop the regulation prohibiting financial institutions having assets over $100 billion from discriminating against the gun industry, oil drilling, and other businesses.
However, many hoped that the Biden administration would support the anti-discrimination regulation. Unfortunately, the Left would never support any law unless it was politically beneficial.
The Office of the Comptroller of the Currency had published the rule requiring banks to “conduct risk assessment of individual customers, rather than make broad-based decisions affecting whole categories or classes of customers, when provisioning access to services, capital, and credit.”
Before quitting, Brian P. Brooks, the then Acting Comptroller of the Currency, said that financial discrimination was “inconsistent with basic principles of prudent risk management to make decisions based solely on conclusory or categorical assertions of risk without actual analysis.”
The OCC’s latest announcement now says that the regulation would be halted awaiting the confirmation of the new Comptroller of the Currency, who would review the final rule and the public comments, “as part of an orderly transition.”
However, the agency says that the supervisory guidelines prohibiting the discrimination of general categories of businesses remain in effect.
Senate Banking Committee member U.S. Senator Kevin Cramer (R-ND) stated that halting the regulation for review was unnecessary and originated from “political pressure from big banks.”
“The Fair Access rule was completed with no steps skipped, and all interested parties were allowed to offer their input,” Cramer said. “It is a good and necessary rule, designed to protect legal businesses from facing discrimination by big banks.”
The Republican lawmaker added that any attempts to stifle the regulation would face stiff opposition. He also urged the Biden administration to “demonstrate leadership and not just be puppets for the large financial interests who back them.”
Anti-gun activists advised Biden to use every possible avenue to enforce gun control. It's very unlikely that he would give up such an important tool allowing him to undermine the gun industry that he passionately detests. Expecting the Left to take the high road and do the right thing would be very disappointing.
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