Saturday, October 24, 2020
FEATURED ARTICLES Senator Michael D. Crapo Warns Financial Institutions Against Targeting 'Politically Incorrect' Industries...

Senator Michael D. Crapo Warns Financial Institutions Against Targeting ‘Politically Incorrect’ Industries and Customers

Like the post? Why not make it Facebook official. ⇊

By Joe Newby


General Michael Flynn defense fund Fellow patriots, please listen to this short, inspiring message from General Flynn. General Michael Flynn exemplifies patriotism, courage, and love of God and country - despite some of his own countrymen relentlessly attacking him. Donations for his defense are greatly appreciated. If you can only give $5.00, please do so - every little bit helps. Thank you so much, and God bless. Letter from General Flynn. 

Recent news reports have suggested that large banks are being pressured to withhold access to credit and services to customers and companies that are operating businesses that comply with federal and state law (and, in some cases, are engaged in Constitutionally-protected activities), but are politically disfavored by those on the left.   Newly-elected Democrat Socialist Alexandria Ocasio-Cortez, for example, is reportedly pressuring banks into pushing her socialist policies on some of the country’s most divisive issues: climate change, gun violence, and immigration.

As Chairman of the Senate Banking Committee, Senator Mike Crapo, R-Idaho, sent letters to the CEOs of eight banks, including Bank of America, Wells Fargo, Morgan Stanley and J.P. Morgan Chase & Co., reminding them that they should continue to provide credit and services to customers and companies that comply with federal and state law, and should not seek to replace legislators and policymakers.

“Banks serve customers who are geographically and politically diverse, and it is wrong to use essential banking services as a way to choke off such services to lawful, creditworthy businesses,” wrote Crapo.  “Large banks, which receive significant forms of government support and benefits, should continue to provide credit and services to customers and companies that comply with federal and state law and should not seek to replace legislators and policymakers.  Business lending decisions should be based on creditworthiness, rather than politics or political pressure.”

As we and others reported recently, Chase told some prominent Trump supporters that their business is no longer welcome and subsequently closed their accounts.  No specific reason for the action was given in the reports.

Crapo has challenged banks in the past for issuing guidelines that could effectively cut off financial services to law-abiding firearm manufacturers, retailers and firearms purchasers if they do not comply with the bank’s firearms preferences.

You Might Like

Last May, the New York Times reported:

In April, Bank of America said it would no longer lend money to manufacturers of military-inspired firearms that civilians can use, such as AR-15-style rifles. A bank executive said the policy was intended to help reduce mass shootings.


BlackRock, the world’s largest asset manager, said it would begin offering a new line of investment funds that do not include producers of firearms or retailers that sell them, cutting off a potential avenue of financing for gun makers and retailers.

Gun advocates have viewed the moves as a direct assault on the industry.


Senator Michael D. Crapo, the Idaho Republican who heads the banking committee, sent blistering letters in late April to the top executives at Citigroup and Bank of America, accusing them of using their market power to manage social policy. He told them not to go any further and warned them against developing ways to monitor gun transactions through their payments systems, a move that gun advocates view as a dangerous step toward using data to block law-abiding customers from buying guns.

Crapo also fought against “Operation Choke Point,” an Obama-era initiative in which Federal agencies pressured banks to “choke-off” politically disfavored industries’ access to payment systems and banking services.  The issue continues to be a major focus of ongoing Banking Committee oversight efforts.


If you haven’t checked out and liked our Facebook page, please go here and do so.  You can also follow us on Twitter at @co_firing_line.  Please be sure to check out our MeWe page here and check us out at ProAmerica Only here.

If you appreciate independent conservative reports like this, please go here and support us on Patreon and get your conservative pro-Trump gear here.

And while you’re at it, be sure to check out our friends at Whatfinger News, the Internet’s conservative front-page founded by ex-military!

Republished with permission Conservative Firing Line


Please Spread the Word and Share This Post

TCP News is proud to be ranked #24 in the Top 40 Conservative Political Blogs

Viewpoints expressed herein are of the article’s author(s), or of the person(s) or organization(s) quoted or linked therein, and do not necessarily represent those of True Conservative Pundit

Another way you can support us is to purchase my book

Subscribe to my daily newsletter, and join hundreds of daily readers and receive news and relevant commentary

Don't forget to follow TCP News on Facebook, Gab, SpreelyUSA Life, and Twitter

If you value what you see on True Conservative Pundit, please consider donating, any amount helps

donate to TCP News

Joe Newby
Founded in May 2012 by Joe Newby, a 10-year veteran of the Marine Corps who worked as a grassroots activist in the 1980s and 1990s, the Conservative Firing Line is your place for hard-hitting conservative news and opinion.



Please enter your comment!
Please enter your name here

Related news

Headline News 10/23/2020

Good morning, we aim to start your day off right with relevant headline news that’s happening around the world, not to mention our own timely...

Is This the Real Reason They’ve Been Hidin’ Biden Before the Debate?

By Selwyn Duke Limbaugh, however, took it further and theorized that Biden experiences a phenomenon known as “sundowning.”   Joe Biden’s tendency to now go into seclusion...

America On Trial Requires a Resounding Mandate: Vote Red and Vote for Donald J. Trump

By General Michael Flynn Yes, America, we are under attack and on trial. The Leftists’ question our greatness, potential, and the very rights all Americans...

Will Americans Risk Their Future on a Failed Ideology and a Corrupt Career Politician?

With Twitter and Facebook barley able to suppress the emerging story of the Hunter Biden email scandal, evidence of corruption and misuse of power...