U.S. Senator Bill Cassidy, M.D. (R-LA) has joined U.S. Senator Pete Ricketts (R-NE) and other Republican senators in urging the Office of the Comptroller of the Currency (OCC) to address what they describe as politically motivated “debanking.” This request follows President Trump’s recent Executive Order on the issue.
The senators asked the OCC to ensure that access to financial services is determined by objective, individualized, risk-based standards rather than political considerations. They cited instances where conservative, religious, and other lawful organizations have reportedly lost banking services due to their beliefs or affiliations.
“As the OCC works to implement the E.O., we encourage you to fully assess and address the negative impacts of voluntary debanking,” wrote the senators.
“The OCC should consider rulemaking to eliminate politically motivated, voluntary debanking and require financial institutions to offer financial services based on objective and individualized risk-based analysis,” continued the senators.
In addition to Senators Cassidy and Ricketts, those signing the letter include Marsha Blackburn (R-TN), Kevin Cramer (R-ND), Mike Crapo (R-ID), Lindsey Graham (R-SC), Jim Justice (R-WV), Cynthia Lummis (R-WY), and Jim Risch (R-ID).
In their letter addressed to Comptroller Gould, they expressed support for President Trump’s “Guaranteeing Fair Banking for All Americans” Executive Order. The senators highlighted progress made under current OCC leadership in removing reputational risk from guidance documents and eliminating elements of previous initiatives known as Operation Choke Point 1.0 and 2.0.
“We are encouraged by the progress already made by the Trump Administration, including the Office of the Comptroller of the Currency (OCC) under your leadership, to eliminate all remaining vestiges of Operation Choke Point” (OCP) and “Operation Choke Point 2.0” (OCP 2.0). In your statement in support of the E.O., we were pleased to see that you already removed reputational risk from OCC guidance and that you intend to ensure unlawful debanking is not repeated in the future. In order to effectively eliminate the harmful effects of OCP 1.0 and 2.0, an exhaustive review of all relevant federal government guidance documents, regulations, and internal policies is necessary. We appreciate your steadfast commitment to achieving that objective.”
The letter also called attention to ongoing concerns about some financial institutions voluntarily adopting discriminatory policies even after prior federal actions ended such practices.
“Despite the end of OCP 1.0 and 2.0, some financial institutions continue to adopt discriminatory policies voluntarily. While we are starting to see companies update their policies, action must be taken to stop this voluntary-type of debanking in the future,” wrote lawmakers.
They further stated: “As a part of this effort, the OCC should consider rulemaking to eliminate politically motivated, voluntary debanking and require financial institutions to offer financial services based on objective and individualized risk-based analysis – a process that began during President Trump’s first term.”
The letter concluded with appreciation for Comptroller Gould’s leadership: “Again, thank you for your leadership and commitment to a sound, thriving financial system. We support the OCC’s efforts to orient federal financial service industry regulations, guidance, and enforcement away from political discrimination to ensure all individuals have access to necessary banking services.”
Senator Cassidy represents Louisiana in Congress as a member of the U.S Senate. He began his career as a physician after graduating from Louisiana State University before entering public service through roles in both state-level politics and national office. His professional background includes serving as an educator at LSU Medical School. He was elected U.S Senator in 2014. Cassidy also serves as chairman for key committees influencing health care policy.
