Alabama Attorney General Steve Marshall, joined by attorneys general from 22 states, is voicing support for the Financial Integrity and Regulation Management Act (FIRM Act) currently being considered in Congress. The bill aims to prevent federal regulators from using "reputational risk" to prompt financial institutions to deny services based on political beliefs.
"Americans should never be cut off from the financial system because of their deeply held beliefs. That’s not just wrong — it’s dangerous," Marshall stated. He emphasized the coalition's stance against what they see as "the growing radicalization of banking institutions that are using their power to silence free speech and punish ideological dissent." Marshall also called on Congress to codify protections into federal law with the FIRM Act.
The issue at hand, according to the coalition, is the expansion of de-banking efforts, which they claim initially targeted firearms manufacturers and payday lenders but now include religious organizations, conservative tech leaders, and former President Donald Trump and his organization. The coalition's letter also highlights concerns about proxy advisory firms that allegedly encourage shareholders to resist reforms intended to address politically driven banking discrimination.
The FIRM Act, receiving sponsorship from U.S. Senator Katie Britt, has garnered support from attorneys general in states including North Dakota, Georgia, Ohio, Florida, and several others, alongside the effort spearheaded by South Carolina.