The Obama-era banking practice of discriminating against businesses the Left disagrees with will end after the Office of the Comptroller of the Currency (OCC) finalized a rule prohibiting the practice.
OCC-regulated banks with assets exceeding $100 billion cannot deny loans to business except for financial risk. Firearm companies, oil, and gas drilling companies were previously denied funding for political purposes despite being financially sound.
Acting Comptroller Brian Brooks said that "banks should not terminate services to entire categories of customers without conducting individual risk assessment."
Major banks, including Bank of America, Citibank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo, ganged up to enforce a financial blockade on businesses they politically oppose. For the Second Amendment rights, the practice amounted to de-facto gun control.
Apparently, the businesses did not voluntarily choose to boycott gunmakers and oil drillers. They were bullied by the Obama administration, gun control activists, and proponents of the Green New Deal to shut firearm and oil businesses out.
"It is inconsistent with basic principles of prudent risk management to make decisions based solely on conclusory or categorical assertions of risk without actual analysis," Brooks said. "Moreover, elected officials should determine what is legal and illegal in our country."
Brooks noted that he would ensure that all customers could access core business services without discrimination as spelled out under the 2010 Dodd-Frank Wall Street law.
Senate Banking Committee member Sen. Kevin Cramer (R-N.D.) pointed out that discrimination was not part of our culture, and big banks should not be allowed to perpetuate the vice.
"No matter how important their services are, they do not have the right to create de-facto bans on legal businesses like energy producers and gun manufacturers," said Sen. Cramer.
First proposed on Nov. 19, 2020, the rule was completed in less than two weeks after its comment period elapsed. Opponents say the statute was hurriedly passed to prevent the new administration from blocking it.
However, Democrats could invoke the Congressional Review Act (CRA) to block it or delay it from taking effect on Apr. 1, buying more time to review or trash it altogether.
Democrats are against the rule because they wish to continue with their discriminative practices while yelling "equality" from the top of their voices.
They wish to force conservative businesses, including churches, to participate in activities they do not morally agree with while reserving their own privilege of denying services to conservative businesses at will.
It's difficult to determine whether the financial blockade could have contributed to firearm businesses' poor performance, but it is likely a contributing factor.
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