CONGRESS FOR VOTERS

Andy Barr (R-KY)

Fair Access to Banking Act

H.R. 987 · House bill Finance and Financial Sector

A Republican bill with 151 Republican cosponsors · See all 151 cosponsors

Last activity — Referred to the House Committee on Financial Services.

In committee

Introduced and handed to a committee in the chamber it started in.

The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.

Its path through Congress

  1. Introduced
  2. In Committee

What this bill would do

The Fair Access to Banking Act aims to stop certain large financial institutions and payment card networks from denying financial services to lawful businesses based on subjective political reasons, bias, or reputational risks. The bill requires covered banks and institutions to make their financial services available on proportionally equal terms and to use quantitative, impartial risk-based standards when deciding whether to serve a customer. If a covered bank denies a person a financial service, it must provide a written justification that cannot be based solely on reputational risk. The legislation imposes penalties, such as restricting access to taxpayer-funded discount window lending programs and the Automated Clearing House Network, for banks that refuse to do business with lawful persons. Additionally, it gives affected individuals the right to sue violating banks in a United States district court for treble damages and attorney fees.

Yes· 3 of 9

  • Scored +7

    Would business owners be better off under this?

    Specifically protects business owners from arbitrary denial of banking services based on political or reputational risk.

  • Scored +6

    Would gun owners be better off under this?

    Lawful businesses in politically unpopular sectors, like firearm sales, are explicitly intended to be protected.

  • Scored +6

    Does this make it easier to run a small business?

    Protects small businesses from being denied financial services based on political or reputational bias.

The opposite

No question was scored the opposite.