Biden’s ‘debanking’ of opponents — Congress needs to protect the right to dissent

Dissenting from the woke agenda isn’t a crime, yet the Biden administration’s financial regulators have treated dissenters as if they were terrorists.

Over the past four years, the federal government has pressured major banks to shut down accounts held by conservative individuals and businesses without adequate notice or transparency.

This practice, termed debanking, was traditionally associated with organized crime and money laundering.

However, under President Biden, debanking has evolved into a powerful tool for federal censorship.

With no bank account, Americans are unable to receive direct deposits, pay bills, or securely transfer funds.

In a society that is increasingly cashless, debanking doesn’t merely deny access to a bank account — it effectively ostracizes individuals from society itself.

This Wednesday, the Senate Banking Committee will hold a hearing to explore the extent of this abusive practice.

The threat of debanking has impacted a range of individuals, from concerned parents voicing dissent about school closures to First Lady Melania Trump.

If Congress wishes to restore trust in our financial institutions, we must address this injustice head-on.

The roots of debanking can be traced back to the Bank Secrecy Act of 1970, which mandates banks to monitor accounts to identify and report suspicious activities.

Recently, there has been a dramatic increase in suspicious activity reports, with banks filing over 4.6 million in 2023 — more than double the figures from 2014.

The reason? Part of the blame rests with President Obama’s Operation Choke Point.

This initiative allowed the federal government to penalize banks that failed to report “high-risk” accounts, including those of payday lenders and firearms dealers.

Once a “high-risk” account was identified, banks faced the choice of either shutting it down or navigating a complex compliance process, where any error could lead to significant penalties.

Most banks recognized that the federal government essentially left them no option but to report and close such accounts.

The Biden administration seized this opportunity.

Instead of waiting for banks to flag suspicious accounts, Biden’s regulators proactively provided major banks with lists of purportedly “high-risk” individuals and solicited reports.

The FBI and the Treasury Department’s Financial Crimes Enforcement Network allegedly identified any purchases related to firearms, Bibles, or the terms “MAGA” or “Trump” as signs of extremism, according to a House Judiciary Committee investigation.

This effectively compelled bankers to surveil their clients and terminate accounts that the government found objectionable.

It’s unclear just how extensive this targeting has been, as regulators prohibit banks from informing customers why their accounts were closed.

The saying goes that imitation is the highest form of flattery, and the Chinese Communist Party might be feeling quite proud right now.

Government regulators, bolstered by Presidents Obama and Biden as they engaged in a contest of woke policies, have pushed banks to discriminate against entire sectors.

For instance, Bank of America reportedly debanked the company GEO Group for its role in assisting Immigration and Customs Enforcement with migrant detention centers.

Similarly, the National Rifle Association faced potential debanking after New York regulators allegedly pressured banks and insurers to sever ties with pro-gun organizations, a move the Supreme Court unanimously deemed could violate the First Amendment.

Fair-minded Americans recognize that the federal government should not be encouraging major banks to treat law-abiding citizens as if they were terrorists.

This is why I’ve proposed the No Red and Blue Banks Act, which would prevent the federal government from contracting with banks that refuse to serve companies solely on the basis of political differences.

Additionally, the Fair Access to Banking Act aims to stop banks and payment networks from discriminating against individuals based on their political views.

In America, individuals are free to hold their own beliefs.

Congress must safeguard all law-abiding citizens from religious and political discrimination, including their right to banking services.

John Kennedy represents Louisiana in the US Senate.