Taxpayer Watchdog Praises Trump Administration on Banking EO

FOR IMMEDIATE RELEASE

Contact: Kara Zupkus (224)-456-0257

WASHINGTON, D.C. – Yesterday, President Donald Trump signed an executive order seeking to prevent discriminatory practices in the banking industry, such as alleged politicized account closures. The executive order comes shortly after President Trump acknowledged that federal regulators are a source of fear for America’s banking industry.

In response, Dan Savickas, the Taxpayers Protection Alliance’s vice president of policy and government affairs, offered the following comment:

“Banking discrimination is a serious problem that requires a federal solution. TPA applauds the Trump administration for their leadership and taking the initiative with this executive order. His acknowledgment that federal regulators strike fear in the hearts of American banking executives is a much-needed first step towards curtailing government abuses in this area. The rejection of the concept of “reputation risk” is particularly needed, not to mention long overdue after years of weaponization by previous administrations.

“Federal regulators have no business dictating to privately run companies those with whom they can and cannot do business. As the Treasury Department looks to enact the key provisions of this executive order, TPA urges them to keep a light regulatory touch and avoid any infringement on these companies’ right to free association. To the extent that the executive order will be enforced to limit banks’ right to freely associate, it should be looked upon critically. These banks are much better equipped to manage their customer bases than federal bureaucrats. Ultimately, the decision must rest with the banks, and the free market should be allowed to respond accordingly.”

###

 Taxpayers Protection Alliance (TPA) is a non-profit, non-partisan organization dedicated to educating the public through the research, analysis and dissemination of information on the government’s effects on the economy.