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Senator Cramer Reintroduces Fair Access to Banking Act

Thursday, February 6, 2025

Senator Cramer Reintroduces Fair Access to Banking Act

This week, U.S. Senator Kevin Cramer (R-ND), along with 40 of his Republican colleagues, reintroduced the Fair Access to Banking Act, S. 401. This legislation would prohibit financial institutions from denying or limiting services to constitutionally-protected industries.

“When progressives failed at banning these entire industries, what they did instead is they turned to weaponizing banks as sort of a backdoor to carry out their activist goals,” said Sen. Cramer. “Financial institutions are backed by taxpayers, for crying out loud! They should be obligated to provide services in an unbiased, risk-based manner. The Fair Access to Banking Act ensures that banks provide fair access to services and enacts strict penalties for categorically discriminating against legal industries and individuals.”

This bill would require large banks to provide fair access to all the products they offer to law-abiding customers who are able to satisfy predetermined “impartial, individualized risk-based analysis using empirical data evaluated under quantifiable standards.” It would prohibit federally-insured financial service providers from using political considerations or “reputational risk” to refuse business with creditworthy, law-abiding customers. To ensure these standards are followed, the legislation includes substantial enforcement mechanisms.

NRA-ILA has long supported Sen. Cramer’s efforts in this fight. “Social and political motivations should have no place in banking decisions. Senator Cramer’s Fair Access to Banking Act would guarantee the right of all lawful industries to access federally-secured banking services,” said John Commerford, Executive Director of the NRA Institute for Legislative Action. “We thank Senator Cramer for his leadership on this very important issue.”

Yesterday, the U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing titled, “Investigating the Real Impacts of Debanking in America.” In his opening statement, Committee Chairman Sen. Tim Scott (R-SC) said, “We’re here to address an issue that strikes at the core of what it means to live in a free and fair society: access to financial services. Every federally legal business and law-abiding citizen deserves to be treated equally, regardless of political views or ideological leanings.” NRA-ILA wholeheartedly agrees and looks forward to working with Chairman Scott to get this important legislation to President Trump’s desk.

In the U.S. House, Representative Andy Barr (R-KY-06) has introduced similar legislation, H.R. 987. Rep. Barr is a member of the House Financial Services Committee and Chairman of the Subcommittee on Financial Institutions.

NRA-ILA will keep you apprised of updates as they develop.

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NRA ILA

Established in 1975, the Institute for Legislative Action (ILA) is the "lobbying" arm of the National Rifle Association of America. ILA is responsible for preserving the right of all law-abiding individuals in the legislative, political, and legal arenas, to purchase, possess and use firearms for legitimate purposes as guaranteed by the Second Amendment to the U.S. Constitution.