Kennedy Statement Supporting OCC Move to Prevent Discrimination Against Law-Abiding Industries

Statement

Sen. John Kennedy (R-La.), member of the Senate Banking Committee, released the following statement supporting the Office of the Comptroller of the Currency's (OCC) proposed rule to ensure fair access to credit, capital and other banking services for all customers.

"Banks have a duty to treat their clients fairly, and the OCC is right to make that clear. The most basic part of fairness means banks can't discriminate against people or companies that are following the law. Banks can't simply refuse to lend to industries that have fallen out of favor with liberal elites, especially when those industries are supporting the Bill of Rights," said Kennedy.

Banks have recently been discriminating against legal businesses, particularly those selling firearms, ammunition and sporting goods. The U.S. Constitution protects those industries, and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 mandated fair access to banking services in the wake of substantial government funding that was invested into the banking system at that time.

Kennedy introduced the No Red and Blue Banks Act to prohibit the federal government from giving contracts to banks that discriminate against lawful businesses based solely on social policy considerations.

Kennedy is also an original cosponsor of the Freedom Financing Act, which would prevent banks from discriminating against industries that comply with the law and are constitutionally protected.

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