U.S. Sen. Thom Tillis (R-NC) on Oct. 30 released a discussion draft for legislation that would prevent the denial of banking services for politically motivated reasons.
“Too often, certain financial institutions or politically motivated regulators have pursued policies that cut off lawful industries they simply don’t like,” Sen. Tillis said. “That kind of back-door policymaking undermines transparency, accountability, and Americans’ access to the financial system.”
The Ensuring Fair Access to Banking Act of 2025 would limit the circumstances under which a federal financial regulator may require a financial institution to terminate a specific account, according to the draft of the bill.
Just like businesses, Americans rely on access to their bank accounts every day in an increasingly digital economy. However, some individuals have been victims of discriminatory banking including conservative activists, and even President Trump himself, according to a draft summary provided by Sen. Tillis.
The Ensuring Fair Access to Banking Act would address these issues by creating a strong federal fair access standard, the summary says.
For example, the bill would replace the current patchwork of state laws with a uniform national framework, while preserving necessary safeguards for financial institutions to manage risk and maintain safety and soundness.
The bill also would reform the supervisory process to eliminate “reputational risk” as a regulatory factor and prevent politicized actions by federal financial regulators, and it would allow select members of Congress to request confidential supervisory information, placing the Federal Reserve’s Inspector General under U.S. Senate confirmation, and creating an independent Inspector General within the U.S. Treasury Department, among other provisions, the summary says.
“This common-sense bill reins in these abuses, strengthens oversight of federal regulators, and restores fair access for legally operating businesses,” said Sen. Tillis.
The Alliance Defending Freedom, the National Shooting Sports Foundation, the Bank Policy Institute, the Blockchain Association, The Digital Chamber, and Castle Island Ventures support the 90-page draft bill.