Bill Introduced to Prevent Banks from Discriminating Due to Social Issues
Senator John Kennedy is bringing forward a bill that would prevent banks from discriminating against companies based on the company’s positions on social issues like gun control. The Louisiana Bond Commission recently decided to not do business with banks that cut capital for gun manufacturers. Kennedy says it may have been inspired by anti-gun banks, but “if a bank tomorrow stood up and said I’m going to stop offering banking service to Collin Kaepernick or people who kneel during the anthem, I wouldn’t agree with that either.”
Citigroup will restrict capital to companies that sell guns to those under 21, or who do not take background checks. Bank of America is refusing to finance companies that manufacture assault weapons.
Kennedy says he’s concerned that massive financial institutions like Citigroup and Bank of America are attempting to create extra-governmental regulatory frameworks that impose social views on the businesses and customers. He says the banks sure weren’t picky about whose money they were taking during the financial crash…
“I don’t remember at the time Citigroup or Bank of America saying well is this money coming from people who believe in the second amendment or not.”
Kennedy says the attempt to bank’s attempts to push social views onto customers is elitist.
“You’ve got some people at the top who just think they are smarter than the rest of us in America. As a result, they need to tell us what we need to believe and not believe.”
The legislation is titled the No Red Banks and Blue Banks Act.