1. United States
2. Ind.
3. Letter

The Fair Access to Banking Act aims to prevent financial institutions from denying services to lawful businesses based on subjective factors like reputation or political views. It requires banks to make financial services available to all customers on equal terms, provided they meet objective, risk-based standards. The bill cites concerns over financial institutions overstepping their role by restricting access to industries deemed undesirable, despite being legal. This threatens the free market and consumer choice. By prohibiting financial service providers from discriminating against lawful businesses, the Act seeks to ensure fair access and prevent the privatization of discriminatory practices like Operation Choke Point. It rationalizes that banks should not act as unelected regulators by withholding services from creditworthy businesses due to policy disagreements. Their role is to conduct impartial risk assessments, not make moral judgments on legal activities. The Act would enforce this principle by barring violators from accessing federal discount lending programs and allow private parties to sue for damages. Its stated purpose is protecting lawful commerce from impediments caused by bias against certain industries or favoritism toward alternatives. This preserves the public's right to enact policy preferences through proper legislative channels, not via financial censorship by unaccountable corporations. The request is to pass this Act defending consumer choice and the free market.