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Prohibiting Banks from Discriminating Against Companies in Government Contracts

This bill aims to prevent government-insured banks from refusing to do business with companies based solely on social policy considerations. It means financial institutions cannot deny services to legally operating businesses for ideological reasons if they wish to secure contracts with government agencies. In practice, this could affect the availability of banking services for certain companies and ensure more equal treatment in business.
Key points
Government agencies cannot award contracts to banks that refuse to do business with companies based on social policy.
The act aims to ensure banks do not discriminate against legally operating businesses based on social considerations.
These changes only apply to new contracts, not those awarded before the act's enactment.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_HR_4304
Sponsor: Rep. Budd, Ted [R-NC-13]
Process start date: 2021-07-01
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

No Red and Blue Banks Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_4304.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-07-01.

What are the main provisions?

Key points include:

  • Government agencies cannot award contracts to banks that refuse to do business with companies based on social policy.
  • The act aims to ensure banks do not discriminate against legally operating businesses based on social considerations.
  • These changes only apply to new contracts, not those awarded before the act's enactment.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Budd, Ted [R-NC-13].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Oversight and Reform.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy Courts and Law