On Nov. 30, the Wall Street Journal editorial board published an op-ed in support of the outgoing Trump administration’s fair banking rule. That rule, designed to prevent big banks from, as the Journal put it, “red-lining” unpopular industries such as those engaged in arctic drilling, private prisons, or firearms manufacturing, was finalized by the acting comptroller of the currency, Brian Brooks, on his way out the door. It is set to take effect on April 1. However, it is subject to the recently imposed regulatory freeze that the Biden administration implemented so that it can review all pending rules.
The rule was promulgated under Title III of the Dodd-Frank Act of 2010, which charges the comptroller with ensuring “fair access to financial services” and “fair treatment of customers.” Although the intention of this portion of the Dodd-Frank Act was to prevent discrimination against minorities and the financially disenfranchised, rather than discrimination against private prison companies and the oil industry, as it is now being used, discrimination is discrimination, right?
