U.S. Rep. Andy Barr (R-KY) is pushing back against the so-called corporate cancel culture in which left-wing activists are attempting to use financial regulation to thwart access to financial services for industries they despise.
“Banks should make lending decisions relying on objective, risk-based metrics, not the standards of woke corporate cancel culture,” Rep. Barr said.
The congressman on March 10 introduced the Fair Access to Banking Act, H.R. 1729, which would amend the Federal Reserve Act to prohibit certain financial service providers who deny fair access to financial services from using taxpayer-funded discount window lending programs, according to the congressional record bill summary. U.S. Sen. Kevin Cramer (R-ND) on March 3 introduced the Senate’s version of the bill, S. 563, with U.S. Sens. Marsha Blackburn (R-TN) and Steve Daines (R-MT) among the original cosponsors of that measure.
“Our legislation codifies the Fair Access Rule to ensure that radical environmentalists, gun control advocates and other political activists cannot weaponize financial institutions in their fight to achieve their political agenda,” said Rep. Barr. “I want to thank Senator Cramer for his partnership on this bill.”
The Kentucky Coal Association, the National Shooting Sports Foundation, and the National Association of Wholesaler-Distributors supports the measure.
Among the members who joined Rep. Barr in introducing H.R. 1729 are U.S. Reps. Don Bacon (R-NE) and Bill Huizenga (R-MI).