OKC Standard

In Washington, D.C., U.S. Senators Markwayne Mullin and Kevin Cramer, along with 39 Senate GOP colleagues, have reintroduced the Fair Access to Banking Act. This legislation aims to protect legal industries from being denied banking services based on political or reputational considerations. The bill requires that financial decisions be made using impartial risk-based analysis.

The proposed legislation targets banks and credit unions with over $10 billion in assets, penalizing them if they refuse service to legally compliant individuals or businesses. It also addresses payment card networks' potential discrimination against qualified persons due to political reasons. Institutions failing to comply could face penalties such as disqualification from discount window lending programs or civil fines up to $10,000 per violation.

This act is rooted in President Trump's Fair Access Rule, which was introduced during his first administration but paused by the Biden administration in early 2021. The senators argue that U.S. banks have been discriminating against certain industries and conservatives by withholding services.

The bill has garnered support at both federal and state levels, with similar laws passed in Florida and Tennessee and introduced in other states like Arizona and Georgia. Several organizations endorse the act, including the National Shooting Sports Foundation and the National Rifle Association.

Joining Senators Mullin and Cramer are numerous other Republican senators who support this initiative aimed at ensuring fair access to banking for all legal industries.