Lafayette Reporter

Senator John Kennedy of Louisiana has introduced the No Red and Blue Banks Act, a legislative proposal aimed at preventing the federal government from awarding contracts to financial institutions that discriminate against companies based on their social policies. Kennedy, who is a member of the Senate Banking Committee, expressed his concerns about political bias in banking.

"The government shouldn’t reward banks for discriminating against businesses because of their industry or politics. The No Red and Blue Banks Act would fight political bias among banks by refusing to reward bad actors with government contracts," said Kennedy.

The bill is cosponsored by Senator Kevin Cramer from North Dakota. It seeks to prohibit the General Services Administration from entering into contracts with insured depository institutions that refuse business to lawful companies due to those companies' social policies.

The full text of the bill is available for review.