New Bill Aimed to Prohibit Debanking Set for Introduction in the U.S. Senate

Sen. Kevin Cramer

Republican North Dakota US Sen. Kevin Cramer is set to introduce a bill Tuesday aimed at prohibiting financial institutions from targeting individuals and industries on ideological grounds.

The Fair Access to Banking Act would prohibit a payment card network from discriminating against individuals because of reputational or political considerations, according to legislation obtained by the Daily Caller News Foundation. Cramer’s bill would also prevent banks and credit unions with more than $10 billion in total assets that refuse to do business with a person or industry due to their beliefs from using a crucial electronic money transfer network that is essential for operation and managing transactions.

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