McRae: The financial freedom of speech
By Treasurer David McRae
For generations, Americans have believed that access to the financial system is a basic part of participating in modern life. You work hard, you play by the rules, and you expect a bank to treat you fairly. Unfortunately, that promise has been quietly eroding, and Mississippians are right to be concerned.
In recent years, Americans across the country have been denied access to banking services not because they posed a financial risk, but because they held the “wrong” political views. The phenomenon is called “debanking,” and while no Mississippi banks have done so, the trickle-down effects of Big Banks engaging in this behavior will eventually affect everyone’s confidence in the banking system and our fundamental right to free speech.
Conservatives, faith-based organizations, farmers, energy producers, and even lawful firearms dealers have all found themselves targeted by banks responding to pressure from Biden-like bureaucrats and woke Wall Street activists.
This did not happen by accident.
The trend began during the Obama administration, when federal regulators embraced a vague concept known as “reputational risk.” Under this standard, banks were encouraged to sever relationships with customers who were deemed politically controversial, even when those customers were operating fully within the law. Decisions that should have been driven by financial facts were instead influenced by ideology.
That approach was formalized through Operation Choke Point, which pressured banks to cut ties with entire industries, including agriculture, energy, and firearms. These were not rogue actors. These were legal businesses that employ Americans and power our economy.
The Biden administration escalated this practice with Operation Choke Point 2.0, which used federal pressure to debank cryptocurrency companies and other politically disfavored sectors. The message from Washington was clear: comply with the political agenda, or risk retaliation.
Eventually, no one was off limits. Even President Trump and his family were targeted. Since 2021, the Trump family has reportedly been blacklisted by numerous financial institutions. The First Lady was denied a credit card. Their son, Barron, was refused a bank account in his own name. If this can happen to a former President, it can happen to anyone.
President Trump’s recent executive action was a necessary course correction, but executive orders can be undone as quickly as they are signed. That is why the Mississippi House of Representatives took an important step forward this month by passing the Guaranteeing Fair Banking for All Mississippians Act.
This legislation protects Mississippians and our financial institutions from a weaponized federal bureaucracy. It reinforces a simple principle: banking decisions should be based on financial risk, not political beliefs. It ensures that no Mississippian loses access to essential financial services because of their faith, their occupation, or their views.
I want to thank House Banking Chairman Shane Aguirre and Speaker Jason White for their leadership on this issue. Now, I urge the Mississippi Senate to act.
No matter who occupies the White House, Mississippians deserve long-term protection for their financial freedom. Access to banking should never be a political weapon, and in Mississippi, we intend to keep it that way.
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 and Career Savings Mississippi, and has returned more than $150 million in unclaimed money to Mississippians. For more information, visit Treasury.MS.gov.
