The practice of ‘debanking,’ while seeming like a plot point in a dystopian novel, is indeed occurring in our current reality. This sinister operation conducted by government authorities leaves specific individuals or businesses excluded from the financial system — a fate akin to infamous foreign dictators, terrorists, or drug lords. These condemned entities are denied service by banks under the guise of a ‘business decision,’ and they’re left helpless with no viable means to challenge. Imagine the struggle of not being able to cash checks or pay bills, as a person, or as a business, lacking the credit line necessary to meet supply costs or salaries.
This system began to take root during the previous administration, targeting disliked sectors such as firearms manufacturers under the premise of posing a ‘reputational risk.’ Swiftly, it spread to affect digital currency and technology startups, in conjunction with individuals who were cast off due to their ‘hazardous’ opinions or political activity. A leading venture capitalist has dubbed this occurrence as a ‘privatized sanctions regime’.
Post a significant political spectacle, reports have emerged of individuals who were initially denied service by a particular financial institution, and subsequently rejected by another significant one. There have been even further instances of individuals getting disbanded by their respective banks. An effective solution, however, seems vaguely distant.
Though there appears to be a glimmer of hope in proposed executive orders aiming to curb such exploitation, the reality is far from reassuring. The presumptive notion of seeking financial institutions’ vigilance against criminal misuse of their services does have merit. Still, when it segues into enforcing political insiders’ prejudiced ideologies, it bears an alarmingly totalitarian resemblance.
Regrettably, the current administration seems to be endorsing these practices, rather than working tirelessly to address the issue. The efforts to crack down on this under-the-radar form of financial exclusion seem to have been stalled under Joe Biden’s presidency and Kamala Harris’s vice presidency.
While their inaction might be subtly explained away as not being high on their political agenda, unfortunately, the subdued narrative of their approval is clearly visible in their actions, or rather lack of.
It’s glaringly evident in their failure to repeal existing ‘debanking’ implementations, or their apathy towards the plight of those affected that the Biden-Harris administration is normalizing such discriminatory practices.
Despite the continuous victimization of industries and individuals, there is no mention of these financial freedom violations in Biden’s policy plans or public speeches.
The silence maintained by Kamala Harris on this sinister reality is equally perplexing. The fact that she hasn’t spoken against such practices is alarming, making her complicit in the legitimization of this under-the-radar form of financial exclusion.
The Biden-Harris administration’s consistent bypassing of such a pressing issue, especially when it concerns the very core of a citizen’s right to access the financial system, is disturbingly indicative of their declining interest in preserving citizens’ financial rights.
The destructive consequences of debanking on individuals and industries are blatant. Yet the stance of the Biden-Harris administration, or rather their conspicuous lack of one, is disconcertingly passive.
Despite the increasing reports of debanking, the administration stays eerily silent, raising legitimate questions about their commitment to financial freedom and individual rights.
This alarming phenomenon calls for firm legislation and regulations against debanking, something the Biden-Harris administration fails to recognize. Their neglect of this issue goes against the befitting call of duty to protect citizens’ financial rights.
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