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McRae: The Dangers of Debanking

Note: The following column is provided by Mississippi State Treasurer David McRae. Any opinions expressed in this article may not necessarily be that of this publication.

By: Treasurer David McRae

It wasn’t that long ago (maybe two or three years) that the term “debanking” existed far out of reach of the American lexicon. But in recent months, President Trump has drawn much-needed attention to this freedom-stifling tactic.

If you aren’t familiar, debanking is a scheme used by large Wall Street institutions to impose their woke agenda on Main Street America, often prohibiting gun stores, energy companies, and conservative causes from accessing their banks or financing, making it all-but-impossible for these patriotic entities to do business. In other words, it’s yet another form of cancel culture that is targeting our First and Second Amendment rights.

Not only is this practice wrong, but I believe it is un-American. As the Alliance Defending Freedom so succinctly put it: “No one should be denied access to basic financial services because of their beliefs.”

Mississippi’s community banks and local credit unions have long preserved the values we hold dear, and I applaud their commitment to our people and their freedoms. But some of the nation’s largest banking institutions don’t abide by Mississippi’s ethics and norms.

For example, many of the country’s largest banks have joined the Net-Zero Banking Alliance, which aims to force customers into Green-New-Deal-level emissions by 2030 – a goal that would drive up gas prices and utility costs nationwide. Some have also included race-and sex-based quotas in credit agreements, institutionalizing discrimination, and refused services to Republican candidates, religious entities, and the gun industry.

From the time of our founding, small businesses and families have been able to use American banks to grow their futures – and their expressions of freedom. In fact, George Washington and Alexander Hamilton sought to create a strong banking system to nurture our young nation’s growing economy. To think what would either do if they knew today’s banking system was making a mockery of the constitutional freedoms both of these Founding Fathers fought to protect!

As your State Treasurer, I want to assure you that I’m fighting to protect Mississippi businesses and institutions from Wall Street’s version of cancel culture. To keep track of all my work on this topic, try giving me a follow on Twitter, @DavidMcRaeMS.

Mississippi Treasurer David McRae is the 55th Treasurer for the State of Mississippi. In this role, he helps manage the state’s cash flow, oversees College Savings Mississippi, and has returned more than $85 million in unclaimed money to Mississippians. For more information, visit Treasury.MS.gov.