President Donald Trump has signed an executive order aimed at preventing discriminatory practices in the banking sector, including politicized account closures. The move follows President Trump’s recent remarks that federal regulators have become a source of concern for the nation’s banking industry.
Dan Savickas, vice president of policy and government affairs at the Taxpayers Protection Alliance (TPA), commented on the executive order: “Banking discrimination is a serious problem that requires a federal solution. TPA applauds the Trump administration for their leadership and taking the initiative with this executive order. His acknowledgment that federal regulators strike fear in the hearts of American banking executives is a much-needed first step towards curtailing government abuses in this area. The rejection of the concept of ‘reputation risk’ is particularly needed, not to mention long overdue after years of weaponization by previous administrations.
“Federal regulators have no business dictating to privately run companies those with whom they can and cannot do business. As the Treasury Department looks to enact the key provisions of this executive order, TPA urges them to keep a light regulatory touch and avoid any infringement on these companies’ right to free association. To the extent that the executive order will be enforced to limit banks’ right to freely associate, it should be looked upon critically. These banks are much better equipped to manage their customer bases than federal bureaucrats. Ultimately, the decision must rest with the banks, and the free market should be allowed to respond accordingly.”
The Taxpayers Protection Alliance Foundation is based in Washington D.C. and operates as a non-profit organization advocating for government transparency by educating citizens through research, investigative reporting, and analysis about how excessive taxation and spending affect society. Founded in 2011, its current president is David Williams.
