A group of senators led by Sen. Marco Rubio (R-Fla.) has announced plans to introduce legislation that would target major banks that deny services to federal contractors working with the Immigration and Customs Enforcement (ICE) agency.
Titled the Financial Defense of Industrial Contractors (FDIC) Act (pdf), Sens. Rubio, Kevin Cramer (R-N.D.), Tom Cotton (R-Ark.), Marsha Blackburn (R-Tenn.), and Ted Cruz (R-Texas) said in a Feb. 13 news release they hope the legislation would combat “political discrimination” allegedly committed by six big U.S. banks against federal contractors.
The banks which the legislation targets—Wells Fargo, JP Morgan, Bank of America, BNP Paribas, Barclays, and SunTrust—have said they will no longer provide depository services to federal contractors that work with ICE, citing their opposition to immigration law in the United States. They control over $7 trillion in assets combined.
The FDIC Act will remove the Federal Deposit Insurance Corporation insurance of major banks with assets over $50 billion if they withhold services to federal contractors.
“Some of our nations largest banks have decided to cater to the radical lefts woke agenda by abusing their systemic influence in our economy to deprive law-abiding federal contractors of banking services critical to their business,” Rubio said in a statement. “Banks have a right to deny funds to certain businesses, but they shouldnt enjoy taxpayer-provided guarantees if they are undermining the public policy of the United States.”
Cruz, meanwhile, said in a statement that it is “deeply concerning” to see the largest banks in the United States “caving to the radical lefts social agenda.”
“Banks should be making decisions that are based on research and facts, not political pressure. I support our ICE agents and the contractors who work for them. They areRead More – Source