“Big banks are no longer allowed to reject business loan applicants because of the industry in which they operate, according to a new rule finalized on Thursday by the Trump administration.
Why it matters: Wall Street has curtailed its exposure to industries like guns, oil and private prisons, driven by both public and shareholder pressures. This new rule could reverse that trend.
Details: The Office of the Comptroller of the Currency finalized a rule it first proposed last November, arguing that industry-driven decisions violated its fair access policy.
It only relates to banks with more than $100 billion in assets, which OCC says “may exert significant pricing power or influence over sectors of the national economy.”
That would include Citi, Goldman Sachs and JPMorgan Chase — each of which has limited lending to certain types of new energy projects. It also includes Bank of America, which in 2018 said it would stop financing the makers of military-style firearms.”
- “You would have a far-Right government in every country in Europe”
- Another domino is starting to fall…
- US Now Lone Suspect in Nord Stream Pipe Bombing
- Fact checkers are quick on damage control for Project Veritas video. He was literally talking about directed evolution of COVID-19. How in the hell is that not clear enough for you?
- The Food Supply is Contaminated With SPIKE PROTEINS
- The Covid Op Was the Catalyst That Propelled the Entire World Into a Soon Fully Digitized Surveillance State
- Have You Heard Of The “Tradwife Movement”?
- This is EXACTLY how they will take away the CASH. So easy it’s RIDICULOUS.
- The Russians are Going to Break Through Bakhmut
- Woman “forgives” her mothers killer, visits him in jail. Upon release woman gives him a job at the decease mothers house and is quickly killed too.