Twenty Republican attorneys general have strongly denounced Secretary of the Treasury Janet Yellen for declaring that state laws banning debanking measures threaten national security – a push that AGs believe is a “disturbing trend of skirting the department’s responsibilities” by legislation to satisfy its political interests.
In a letter dated Aug. 1 and signed by Florida AG Ashley Moody and 19 others, the AGs announced their opposition to the latest attempt by the administration of President Joe Biden and Vice President Kamala Harris to allegedly fearmonger and stoke confusion regarding state laws through a recent letter sent by Undersecretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson to Florida opposing its anti-debanking law and others like it. The said laws are aimed at protecting the access of certain organizations to the financial sector, including conservative organizations, gun manufacturers and other groups. The laws argue that banks and other financial services firms have targeted these groups, closing or freezing their accounts.
“We, the attorneys general of Florida, Iowa and eighteen other states write to you today to stand against your radical approach to state laws promoting responsible money management and protecting consumers from discrimination,” the letter addressed to Nelson stated. “No consumer or business should be denied services based on political beliefs or religious views or because of some arbitrary social credit score derived from ideological agendas.” (Related: Yellen: White House needs $78 TRILLION to achieve 2050 Net Zero goal.)
Previously, the Treasury Department had a rule prohibiting banks from debanking except when a client was documented as unable to meet quantitative, impartial risk-based standards. However, “importing political activism into financial regulation” was what happened in the policy shift as per the AGs. […]
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