Guaranteeing Fair Banking for All Americans
Directs banking regulators to prohibit the practice of denying or terminating banking services based on political viewpoints, religious beliefs, or lawful business activities (targeting what the administration calls "debanking").
Section by Section
What each section does, and how they differ.
Addresses concerns about politicized debanking by financial institutions and federal regulators.
Establishes that the Federal Government should protect the availability of banking services and prevent politicized or unlawful debanking.
Defines debanking and politicized debanking with reference to relevant statutory and regulatory frameworks.
Directs Federal banking regulators to remove reputation-risk concepts from guidance within 180 days and requires the SBA to ensure reinstatement of previously denied clients within 120 days.
Requires the Treasury Secretary to develop a comprehensive strategy against politicized debanking and federal banking regulators to conduct reviews identifying institutions that engaged in unlawful debanking.
Standard boilerplate: preserves existing agency authority, conditions the order on appropriations, and creates no enforceable private rights.