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Free Speech Coalition met with senior officers on the US Division of Treasury final week to alert them to the methods wherein anti-trafficking and anti-money laundering laws are being unfairly utilized to grownup staff and companies. Officers had been largely unaware of the difficulty, or the scope of debanking inside the business, and dedicated to working with FSC and different teams to assist handle the difficulty.
“In every of our journeys to DC, we’ve discovered broad settlement that monetary discrimination harms grownup companies and staff,” says Alison Boden, Government Director of Free Speech Coalition. “The query is why it’s occurring and tips on how to repair it. We’re inspired by our discussions final week, and sit up for working with Congress, Treasury and others to alter discriminatory insurance policies that result in instability, vulnerability and exploitation.”
Following the assembly, Free Speech Coalition submitted a complete response to the U.S. Division of the Treasury’s Request for Info (RFI) on Monetary Inclusion. Within the letter, FSC make clear the challenges confronted by people within the authorized grownup business, significantly the systematic de-banking and monetary discrimination they encounter regardless of participating in authorized work. The RFI attracts on FSC’s examine on Monetary Discrimination and the Grownup Trade displaying that almost 4 out of 5 respondents experiencing some type of monetary discrimination, together with account closures by monetary service suppliers, mortgage and insurance coverage software denials, and housing and employment discrimination.
The Free Speech Coalition stands agency in our dedication to advocating for the rights and freedoms of our members, who deserve equal entry to fundamental monetary services and products with out discrimination. We commend the Treasury’s dedication to advancing monetary inclusion and selling a extra clear monetary system. Nonetheless, we urge additional analysis and motion to deal with the unintended penalties of economic establishments’ misinterpretations of regulatory steering, which have led to the exclusion of people within the grownup business from dependable banking companies.
The Free Speech Coalition is working diligently to make clear the so-called de-risking practices which might be excluding susceptible populations from the U.S. monetary system. Our purpose is to make sure that all of our members have the chance to entry banking companies and monetary merchandise with out going through unjust discrimination.
To learn FSC’s remark, please go to: https://www.laws.gov/remark/TREAS-DO-2023-0014-0041
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