Executive orders are subject to reversal. However, once an executive order is codified through legislation, it attains the force of law and is insulated from being nullified by subsequent executive action.
Washington, D.C.— U.S. Congressman Andy Barr (R-KY) will introduce legislation to make permanent President’s Trump Executive Order guaranteeing free and fair access to banking for all Americans, regardless of their political beliefs. The Executive Order, signed by President Trump on Thursday, takes aim the discriminatory practice of politicized debanking—where financial institutions deny or restrict services based on constitutionally protected viewpoints. The order echoes legislation Barr has introduced for multiple Congresses: the Fair Access to Banking Act. It also aligns with the FIRM Act, legislation authored by Barr and Senator Tim Scott, which would prohibit regulators from using so-called “reputational risk” to pressure banks into denying service to disfavored industries.
“From Operation Chokepoint under the Obama-Biden administration to recent examples of religious groups, firearms manufacturers, and even energy companies being debanked, the American people have had enough of woke discrimination from Wall Street and weaponized regulators,” said Congressman Barr. “President Trump’s bold executive action is a major step forward—and now we’re going to make sure it becomes law.”
“President Trump’s Executive Order holds banks accountable for discriminating against conservatives and crypto through fines and other consequences for lenders that deny service to conservatives or customers due to their political affiliations or protected beliefs. This political discrimination – such as we saw with the Obama Administration’s ‘Operation Chokepoint’ – is unlawful, dishonest, and decreases trust in our banking institutions. The Executive Order also improves the supervisory process by stopping unelected regulators from using ‘reputational risk’ as a component of financial supervision and as a tool to target those who don’t align with their political agenda,” said Majority Leader Steve Scalise. “Banks should be assessing legitimate financial risk – not the political views of hardworking and lawful individuals or businesses. I’m grateful to Congressman Andy Barr for leading the effort to codify the President’s Executive Order in the House and fighting to ensure every American gets a fair shake at the bank regardless of their political views.”
