By Lee Fox | Opinion
Debanking puts lawful businesses and individual liberty at risk. In this guest opinion column, Lee Fox argues that more banking competition and limited government offer a better answer than more laws.
Table of Contents
Table of Contents
Debanking: You’re an innocent, law abiding citizen.
You’ve had personal accounts for 25 years and a business account for 14 years with your bank. There have been no issues or complications in your relationship with them.
Suddenly, without naming any other reason than increased risk, the bank gives you a month to find another place for your banking needs. They even cancel your line of credit with them, putting your business cash flow at risk.
This isn’t a bad dream.
It actually happened to Brandon Wexler, the owner of Wex Gunworks in Delray Beach, Florida, just before Christmas in 2022.
Scenarios like Wexler’s have been happening for years. Banks have been cutting ties with firearms related businesses. It started with former president Barack Obama.
The Obama administration created a program they called Operation Choke Point. They used regulators to pressure banks into refusing to do business with the firearms industry. The program was eventually exposed but large, woke banks continue with the policies of not working with firearms businesses.
In recent years, banks have been used by the Left to make the use of petroleum products even more difficult and expensive. Now, the Left is using their influence over banks to do the same to anything and everything related to firearms.
Make no mistake, petroleum and firearms are just the beginning. If the Left is allowed to successfully destroy your rights through private business proxies, they will not stop with just those things.
What if…
…they don’t like your architectural firm’s use of wood in your designs?
…they don’t like your private school’s stance on transgender issues?
…they don’t like your taco stand’s rejection of DEI?
…they don’t like your podcast?
…the list is as endless as the Left’s grievances against both individuals and western society.
What will you do when they shut down your favorite sports gambling ad?
Do we need more laws to solve the problem?
Let’s be clear…
The problem was brought to life by too many laws. Banks are highly regulated institutions. The use of regulations was the root of the 2008 mortgage crisis. The use of regulations is what empowers the Left to use banks against the rest of us.
We don’t need more laws.
We need more competition.
We must not allow “too big to fail” to ever be used against us again. That means all banks must be allowed to make mistakes and fail and all governmental shields from lawsuits must be expunged. That will result in more, smaller banks far more responsive to the needs of the markets they exist in.
With competition, banks will not be able to close accounts without reason if customers demand otherwise.
With reasons known, people can choose the banks who respect and protect their rights. It also means the Left can have banks catering to their Vegan latte choose your own price cafes.
Unfortunately, it’s far easier for our unlimited government to add more laws than to wipe away bad ones.
There are ways to fix debanking.
But it takes concerted efforts by people around the country.
Rather than pushing to get more and more from their neighbors wallets, citizens must make liberty and properly limited government their highest priority.
Will you?