Federal Bill of the Month – August 2025: H.R. 5014 – Guaranteeing Fair Banking for All Americans Act

Access to banking is a cornerstone of economic freedom. Ensuring that financial institutions provide services on objective and lawful grounds is critical for both businesses and individuals. On August 22, 2025, Rep. Andy Barr (R-Ky.) introduced H.R. 5014, a bill designed to codify Executive Order 14331, “Guaranteeing Fair Banking for All Americans.” Issued on August 7 and published in the Federal Register on August 12, the Executive Order establishes a framework to prohibit what it terms “politicized or unlawful debanking.” By converting this order into statutory law, H.R. 5014 would provide permanence and enforceability beyond the reach of administrative change.

Executive Order 14331 responds to allegations that certain financial institutions restricted access to services based on political or religious views, or lawful business activities, rather than individualized risk. It cites instances where transactions were flagged or denied absent any unlawful conduct. The order declares that no person shall be denied banking services because of constitutionally or statutorily protected speech, political affiliation, religious practice, or lawful enterprise. In legal effect, it reframes access to financial services as a protected interest governed by objective, individualized, and risk-based criteria.

To implement this policy, the order—and H.R. 5014 by extension—requires federal agencies to take specific actions. Within 180 days, banking regulators must amend supervisory guidance to eliminate references to “reputational risk” unless formally adopted through rulemaking. Within 120 days, the Small Business Administration (SBA) must direct lenders to reinstate clients previously denied services for reasons inconsistent with the order and to notify them of reinstatement rights. Regulators are also instructed to investigate cases of debanking, pursue civil enforcement where appropriate, and refer matters involving religious discrimination to the Department of Justice (DOJ). Finally, the Secretary of the Treasury, in consultation with the President’s economic team, must develop a comprehensive strategy to prevent politicized debanking and recommend additional reforms if needed. If enacted, H.R. 5014 would elevate these directives from executive policy to federal statute.

It is important to recognize that, even with congressional codification of the Executive Order, federal regulators retain primary responsibility in implementation. H.R. 5014 codifies protections against politicized debanking, but it does not mandate that banks serve every individual or entity regardless of legitimate business considerations. Regulators must therefore exercise restraint to ensure that enforcement of the law does not evolve into overregulation that interferes with a bank’s ability to manage risk or make lawful business decisions. The intent of the legislation is to prohibit discrimination based on political or religious beliefs, not to strip financial institutions of their right to free association or compel relationships that would otherwise conflict with sound, risk-based judgment. By carefully limiting their own role, regulators can uphold the principle of fair banking without distorting the marketplace or undermining the operational independence of financial institutions.

It is for these reasons, among others, that TPA is proud to make H.R. 5014, as introduced by Rep. Andy Barr, its Bill of the Month for August 2025.