What is the official ID of this bill?
The official print number for this legislation is HR 1729.
Fair Access to Banking Act: Ending Financial Discrimination
This act aims to ensure that banks and other financial institutions do not deny access to services to individuals or businesses operating legally, even if their activities are politically unpopular. This means citizens and businesses should have equal access to loans, bank accounts, and other services, provided they meet objective financial criteria, not subjective biases. Financial institutions violating these rules may lose access to taxpayer-funded financial support programs.
Key points
Banks and financial institutions cannot deny services to legally operating businesses and individuals for political or reputational reasons.
Large banks violating these rules may lose access to taxpayer-funded Federal Reserve lending programs.
Citizens and businesses unlawfully denied services can sue the bank and seek damages, including triple damages and legal fees.
Financial institutions must assess customer risk based on objective financial data, not on business categories or personal biases.
Status:
Expired
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