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Rep. Ted Budd Introduces No Red and Blue Banks Act

Statement

By: Ted Budd
By: Ted Budd
Date: July 6, 2021
Location: Washington, DC
Issues: Finance and Banking Government Operations Government Budget and Spending

Washington, D.C. -- Today, Rep. Ted Budd (R-NC) introduced the No Red and Blue Banks Act.

The bill would prohibit the federal government from entering into contracts with banks that discriminate against lawful businesses based solely on social policy considerations. The bill would direct that the General Services Administration not award contracts to insured depository institutions, or affiliates, that avoid doing business with certain legal businesses based solely on social policy considerations.

Rep. Budd said in a statement:

"Banks should not be making loan decisions based on social policy. If banks would like to engage in the woke culture wars, then the federal government should not reward them with taxpayer funded contracts."


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