Name: Republicans push banking access bill to prevent discrimination based on 'woke' cancel culture
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Republicans push banking access bill to prevent discrimination based on 'woke' cancel culture

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Sen. Kevin Cramer, R-N.D., and Rep. Andy Barr, R-Ky., said&nbsp;they are taking aim at the influence of "woke corporate " on with the recently introduced Fair Access to Banking Act. “Banks should make lending decisions relying on objective, risk-based metrics, not the standards of woke corporate cancel culture,” Barr said in a statement to FOX&nbsp;Business.&nbsp;“Our legislation codifies the Fair Access Rule to ensure that radical environmentalists, gun control advocates and other political activists cannot weaponize financial institutions in their fight to achieve their political agenda." The bill, introduced in both the House and Senate earlier in March, would punish banks that fail to comply with a civil penalty of up to $10,000 or revoking&nbsp;their status as an insured depository institution or insured credit union. Cramer said the bill would ensure&nbsp;lawfully-compliant businesses won't lose access to banking services&nbsp;"just because people in power like John Kerry want to put them out of business" after reported that Biden climate envoy John Kerry is pushing major banks to create a net-zero emissions banking alliance.Cramer also referenced recent actions by major U.S. banks to to provide loans or credit for oil and gas drilling in the&nbsp;Arctic National Wildlife Refuge that was last year, as well as PayPal's and restrictions on purchases of firearms and ammunition.The bill has more than 30 Senate cosponsors.The issue is far from brand-new. In 2020, Sen.&nbsp;&nbsp;urged the eight biggest banks in the U.S. to of their&nbsp;assessments of and preparations for&nbsp;.&nbsp;"As climate change continues to affect our economy, it is critical to understand your bank's adaptation and mitigation strategies,” Warren wrote in a letter addressed to the CEOs of several large banks.The Massachusetts senator requested that bank executives from JPMorgan and Chase, Citigroup, Bank of America, Goldman Sachs, Wells Fargo, Bank of New York Mellon, Morgan Stanley and State Street, respond to questions about the steps each institution is&nbsp;“taking to understand, adapt to, and mitigate the financial risks posed by the climate crisis.”

Sen. Kevin Cramer, R-N.D., and Rep. Andy Barr, R-Ky., said&nbsp;they are taking aim at the influence of "woke corporate " on with the recently introduced Fair Access to Banking Act. “Banks should make lending decisions relying on objective, risk-based metrics, not the standards of woke corporate cancel culture,” Barr said in a statement to FOX&nbsp;Business.&nbsp;“Our legislation codifies the Fair Access Rule to ensure that radical environmentalists, gun control advocates and other political activists cannot weaponize financial institutions in their fight to achieve their political agenda."...

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Evie Fordham

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Republicans push banking access bill to prevent discrimination based on 'woke' cancel culture

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