1. United States
2. Colo.
3. Letter

I am writing to strongly urge you to vote NO on the Financial Integrity and Regulation Management (FIRM) Act. The FIRM Act, as currently proposed, poses a significant threat to the soundness of our financial system and undermines vital consumer protections. The FIRM Act would prohibit banking regulators from considering reputational risk when supervising banks. For decades, both Democratic and Republican administrations have recognized that a bank’s reputation is essential to its safety and soundness. When public confidence in a bank is lost—whether due to involvement in money laundering, environmental harm, compliance failures, or other damaging conduct—customers withdraw their funds, destabilizing institutions and, at times, sparking broader crises. The recent collapses of Silvergate and Signature Bank illustrate the tangible consequences of ignoring reputational risk. Heavy exposure to crypto assets and a climate of deregulation eroded market trust, resulting in devastating bank runs and failures. Reputational crises like these are not isolated incidents; they are direct outcomes of regulators’ inability to respond to clear warning signs. Supporters of the FIRM Act claim that banks are unfairly discriminating against industries such as fossil fuels, firearms, and crypto. However, these industries are not protected classes under civil rights law. The Act’s language misappropriates anti-discrimination terms to shield powerful, high-risk sectors from reasonable scrutiny, while doing nothing to address real, persistent barriers that individuals and marginalized communities face in accessing banking services. If Congress truly seeks to prevent banking discrimination, it should consider enacting reforms like the Fair Access to Financial Services Act, which would prohibit discrimination against people based on race, religion, gender, or other legally protected characteristics—not legislation like the FIRM Act, which protects corporate special interests at the expense of public trust and financial stability. Banking without consideration of reputational risk endangers consumers, small businesses, and the stability of the financial system as a whole. The FIRM Act benefits powerful industries, not the public. I urge you to reject this misguided legislation and prioritize reforms that protect everyday Americans, strengthen oversight, and maintain the integrity of our banking system.