Jefferson Reporter

U.S. Senator Katie Britt, a member of the Senate Banking Committee, has voiced her concerns regarding debanking practices in the United States. During a recent hearing titled "Investigating the Real Impacts of Debanking in America," Britt addressed issues related to individuals and businesses being denied financial services due to their political views or ideologies.

The hearing included testimonies from various witnesses, such as Stephen Gannon from Davis Wright Tremaine LLP and Mike Ring, CEO of Old Glory Bank. Senator Britt expressed apprehension about the increasing politicization of financial regulators over recent years. She stated, “It is no secret that our financial regulators have becoming increasingly politicized over the last four years . . . When you’re prioritizing a social agenda or a political one, instead of actually ensuring that people have an opportunity and access to the American Dream, we’ve got to call that for what it is."

Senator Britt emphasized the importance of community banks and credit unions in providing access to credit for those denied by larger institutions. She acknowledged their role in supporting local communities: “I also just want to point out something that my colleagues have to hear me say all of the time, and that is just how grateful I am for our community, banks, and credit unions in Alabama.”

As a cosponsor of Senator Kevin Cramer’s Fair Access to Banking Act, Britt aims to understand better what has led to debanking practices targeting certain industries and groups aligned with conservative values. The act seeks to ensure fair access to banking services.

Britt also highlighted President Trump’s Fair Access Rule which was halted by President Biden's administration upon his inauguration. This rule advocated for risk management on an individual basis rather than broad-based decisions.

In Alabama alone, small businesses accounted for 99.4% of all businesses in 2024 and employed nearly half of the state’s workforce. Senator Britt raised concerns about the impacts on small businesses if denied access to banking services. Mike Ring commented on these detriments: "if you can’t make payments and if you can’t bank, then you can’t exist in America."

A full video recording of Senator Britt's questioning during this hearing is available online.