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Heated hearing on 'debanking' bill exposes split between business groups and civil-rights advocates
Summary
Senate Business and Labor heard testimony for and against SB 240, which would restrict large banks from terminating services for customers based on political or religious views and require written explanations; proponents cited examples of 'debanking,' opponents warned of regulatory conflict, litigation risk, and danger to law-enforcement investigations.
The committee heard several hours of testimony on Senate Bill 240, the "Equality and Financial Services Act," introduced by Senator Forrest Mandeville to limit certain large banks and payment processors from denying services on the basis of political views, religion, or industry category and to require written explanations when accounts are closed.
Supporters included allied legal groups and conservative advocacy organizations. Matt Sharp of Alliance Defending Freedom said recent closures amount to modern-day redlining and described clients who lost accounts or payment processing, arguing "no one should fear losing…
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