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Disparate industries that have found themselves shunned by banks are collectively defending a Trump administration policy on equal access to financial services that President Joe Biden may soon overturn.
The rule, released by the Office of the Comptroller of the Currency late last year, would prevent banks from denying service for non-financial reasons to certain politically disfavored sectors such as firearms sellers and oil producers. It’s set to take effect April 1.
The rule came after the largest U.S. banks said they would stop financing oil exploration and drilling projects in the Arctic, citing environmental concerns. Goldman Sachs Inc. was the first to announce its stance, followed by JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Wells Fargo & Co. and others.
Congressional Democrats oppose the rule, saying it forces banks to provide the fossil fuel industry with financing for environmentally damaging oil exploration. Biden put it on a 60-day hold until new agency heads can be appointed and those rules reviewed.
Republicans including Rep. Patrick T. McHenry of North Carolina, the ranking member on the House Financial Services Committee, have said the rule is needed to ensure that companies cannot be shut out of the financial system simply because of the nature of their business.
While the measure may have been aimed at helping oil and gas producers, other industries such as cryptocurrency or those having to do with sex or marijuana say they have also been denied credit and would be helped by a rule that ensures equal access to bank services.
“Many of these websites and businesses aren’t violating the law,” Rainey Reitman, chief program officer for the Electronic Frontier Foundation, told CQ Roll Call in an interview. “Often they’ve had financial services in place for many years, and then find themselves suddenly cut off. It can be devastating.”