On Tuesday, Mike Crapo warned the nation’s largest banks against cutting off access to gun manufacturers and other controversial industries due to political pressure.
MIKE CRAPO: Crapo is the Senate Banking Committee Chairman and he wrote to the CEOs of Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, State Street Bank, and Wells Fargo.
He told the largest banks in the world, “I write to express my concern with recent news reports suggesting that large banks may withhold access to credit and services to customers and companies that are operating businesses that comply with federal and state law and in some cases, are engaged in Constitutionally-protected activities, but are politically disfavored.”
“Banks serve customers who are geographically and politically diverse, and it is wrong to use essential banking services as a way to choke off such services to lawful, creditworthy businesses,” he added.
BANKS: Banks have been under fire for the same reason their actions are causing, for example, Bank of America and JPMorgan reduced and completely cut business with gun manufacturers last year during national debate over gun control.
The CEO of Wells Fargo was questioned about his bank’s financing of oil-related projects.
MIKE CRAPO: Crapo continued saying, “Business lending decisions should be based on creditworthiness, rather than politics or political pressure,” continued Crapo. “Banks were not chartered to manage social policy by limiting credit to politically disfavored industries or promoting credit to politically favored industries.”
CONCLUSION: Crapo stood up to the largest banks in America and told them to stop following a political agenda with clients of national banks.
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