States Must End Political - and Religious Debanking - Paige Terryberry

3 STATES MUST END POLITICAL AND RELIGIOUS DEBANKING | FEBRUARY 29, 2024 | TheFGA.org A further indication of their ideological discrimination, financial institutions have demanded from those that they have debanked a list of their largest donors, political candidates they intend to support, and the criteria used to determine political support.8 Financial institutions debank individuals, businesses. [...] Combine debanking with the rising trend of de-platforming and the risks are immensely high for those who do not bow to leftist ideologies.26 And with the decline of cash and the growth of digital currency, there is growing potential for unbridled control.27-28 States seeking to prohibit debanking utilize the term “social credit score” to describe the rating system financial institutions use to unf. [...] The official CCP goal for their system is to “allow the trustworthy to roam everywhere under heaven while making it hard for the discredited to take a single step.”30 The CCP uses social media and internet data collection, digital surveillance, tip lines, and more to reward or punish individuals and businesses with a rating that affects many aspects of their lives, including their finances.31 Poin. [...] In Louisiana, State Treasurer John Schroder cut state ties with several banks because of the banks infringement on customers’ rights.51 Treasurer Schroder also divested Treasury funds from BlackRock to protect the state’s energy sector.52 The good news is that states can stop the political and religious discrimination of their residents. [...] Should a bank restrict or terminate service to a customer, the customer should have a mechanism to request why and receive a detailed explanation from the bank within 14 days.