Lafayette Reporter

Senator John Kennedy, a Republican from Louisiana and a member of the Senate Banking Committee, has expressed concerns over federal regulators allegedly pressuring banks to close accounts of political adversaries. In an op-ed published in the New York Post, Kennedy criticized the Biden administration's approach towards dissenting voices.

Kennedy argued that dissent is not a crime but claimed that financial regulators under President Biden have treated dissenters like criminals. He stated, "It's not a crime to dissent from the woke agenda, but that didn't stop the Biden administration's financial regulators from treating people who disagree with it like terrorists."

According to Kennedy, over the past four years, there has been significant pressure on major banks to terminate accounts held by conservative individuals and businesses without much notice or transparency. This practice, known as debanking, was traditionally aimed at criminal organizations and money launderers. However, Kennedy contends that under President Biden's leadership, debanking has become a tool for censorship.

He emphasized the severe impact of debanking in today's cashless society: "Without a bank account, Americans cannot receive direct deposits, pay many bills or securely transfer money." The senator warned that debanking effectively excludes individuals from participating fully in society.

The Senate Banking Committee is set to hold a hearing on Wednesday to examine how widespread this issue has become. Kennedy stressed the importance of preventing government interference in banking practices based on political beliefs. "Fair-minded Americans know the federal government should not be enticing major banks to treat law-abiding citizens like terrorists," he stated.

To address these concerns, Kennedy introduced the No Red and Blue Banks Act. This legislation aims to prevent federal contracts with banks that discriminate against companies due solely to political differences. He highlighted his commitment to protecting citizens' rights: "Congress must protect all law-abiding citizens from religious and political discrimination, including their ability to bank."

The full text of both Kennedy’s op-ed and the No Red and Blue Banks Act is available for further reading.