Wednesday, January 20, 2021

Democrats Pledge To Fight Rule Ensuring Banks Serve Conservatives

In its final days, the Trump administration is seeking to disrupt the way progressive activists increasingly impose their will on big business: through banks controlling the loan lifelines to the economy.

A regulation just finalized (update) aims to prevent lenders from blackballing businesses in industries opposed by the left by requiring banks to demonstrate that their loan decisions are “based on quantitative, impartial risk-based standards,” rather than political or reputational concerns.

The proposed Fair Access to Financial Services Rule (FAFSR) is a response to successful pressure campaigns waged by environmental groups and congressional Democrats, which culminated in every major American bank refusing to finance drilling projects in the Arctic National Wildlife Refuge (ANWR), despite such drilling being authorized by President Trump in 2017.


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