South Carolina Attorney General Alan Wilson has assembled a coalition of attorneys general from 22 states to endorse Senator Tim Scott’s newly proposed Financial Integrity and Regulation Management Act, also known as the FIRM Act. This legislation seeks to address the increasing issue of de-banking, where financial services are denied for political reasons.
Attorney General Wilson expressed strong support for the initiative, stating: “We commend Senator Scott for taking a bold stand against de-banking, a practice that threatens free speech, religious liberty, and equal access to financial services.” Wilson emphasized that every American citizen should have the right to access banking without discrimination based on beliefs or political leanings.
The issue of de-banking is currently affecting a wide range of groups and individuals, from religious organizations to conservative tech figures, as well as former President Donald Trump and the Trump Organization. The coalition of attorneys general highlights the role of proxy advisory firms in influencing shareholders against reforms that could end politically driven banking discrimination.
Wilson further remarked: “These politically charged attacks are fundamentally un-American and may also violate state laws.” The FIRM Act aims to provide additional means to protect citizens’ rights against these activities.
The coalition’s letter supporting the legislation includes the backing of attorneys general from North Dakota, Georgia, Ohio, Florida, Montana, Louisiana, Alabama, Texas, Idaho, Oklahoma, Arkansas, Nebraska, West Virginia, Tennessee, South Dakota, Utah, Virginia, Mississippi, Missouri, Kansas, and Pennsylvania.
You can read the full letter here.
