Free Republic

In the West, we keep our money in banks, not under mattresses or wall safes. Banks are safe and convenient, and they pay us interest on the money we store with them, because they then lend that money out and make a profit by charging interest to borrowers. That’s a good thing, as Jimmy Stewart explained in It’s a Wonderful Life. What helps power our economy is that we essentially loan our money to banks so that they can loan it to others who, in turn, can invest in the small business infrastructure that makes America grow.When dictators wish to...

“Debanking” seems like something out of paranoid dystopian fiction, but this horrific abuse of government power is already all too real. We’re almost glad the Biden crew deployed it against then-former-President Donald Trump in 2021: That not only ensures he’s aware of this outrage; it points to how even the powerful are vulnerable. It’s as simple as it is scary: Government regulators give a quiet nod to financial institutions that certain people or industries are to be “unpersoned,” and pretty soon they get the same treatment as North Korean tyrants, terrorists or drug kingpins: locked out of the financial system,...

Eva Chipiuk, a lawyer known for her involvement in the Freedom Convoy and vocal criticism of Canadian institutions, has been blindsided after the Royal Bank of Canada (RBC) terminated its banking relationship with her, citing risk-related concerns. According to an official letter the banking institution sent to Chipiuk, her “recent activity was outside of RBC’s client risk appetite,” and it would “no longer be in a position to continue serving her.” The bank has given her until August 18, 2025, to find an alternative financial institution. Chipiuk says the move came after a flagged transaction involving a bitcoin purchase. “The...

Countless truckers gathered for the 2022 Freedom Convoy in Ottawa, forming a gridlock, with a clear agenda and request to repeal all COVID mandates. The protest was peaceful and no one was injured. They fought on behalf of the world at a time when the global population was imprisoned by mandates that were later revealed to be falsified without any scientific backing. Then Prime Minister Justin Trudeau evoked the 1988 Emergencies Act, which is intended for an “urgent and critical situation” that “seriously endangers the lives, health or safety of Canadians.” Deeming a peaceful protest an act of terrorism is...

Even as other banks are backing down, the bank that debanked us doubles down. Last spring, 15 state attorney generals wrote to Bank of America warning that its politically motivated debanking targeting conservatives and religious people was under the looking glass. After taking office, President Trump directly challenged Bank of America CEO Brian Moynihan to stop discriminating against conservatives. “I hope you start opening your bank to conservatives, because many conservatives complain that the banks are not allowing them to do business within the bank. What you’re doing is wrong.” But instead of ending its political discrimination, BOA launched a...

Citigroup announced Tuesday that it’s ending its policy restricting banking services to businesses selling firearms, citing “regulatory developments, recent executive orders and federal legislation.” The policy, which required retailers to limit gun sales to people over 21, was originally implemented in 2018 after a 19-year-old shot and killed 17 students at Marjory Stoneman Douglas High School in Parkland, Fla. However, in a statement released Tuesday, the bank indicated it will “no longer have a specific policy regarding firearms.” “The policy was intended to promote the adoption of best sales practices as prudent risk management and didn’t address the manufacturing of...

If you’ve ever had a rug pulled out from under you, then you know how it feels to suddenly lose access to your own bank account. That’s what happened to me in 2022, when JPMorgan Chase, America’s largest bank, abruptly canceled our newly opened account for the National Committee for Religious Freedom. I started NCRF after spending decades in public life, including three years in the first Trump administration serving as ambassador-at-large for international religious freedom. The group proactively defends the constitutional freedom of religion so that all Americans can peaceably live according to their faith. Our advisory board includes...

MIAMI (AP) — A company owned by President Donald Trump sued Capital One on Friday, claiming the bank unjustifiably terminated over 300 of the Trump Organization’s accounts without cause in 2021, shortly after the Jan. 6 attack on the U.S. Capitol. The suit was filed by the Donald J. Trump Revocable Trust and Eric Trump in Miami-Dade Circuit Court. The Trump Organization claims the decision by Capital One to close the accounts was an attack on free speech and free enterprise. The suit also claims the decision was a response to Trump’s political views. “Capital One has not and does...

This includes 100% tariffs on all Teslas, a direct attack on Elon Musk, and a full ban on Wisconsin dairy products to stick it to Trump. “I am calling on all the countries that are affected by this tariff to join us. And our retaliation will target specific Trump constituencies. Another group that we’re going to go after is Wisconsin dairy farmers. We know how important they are for the President, and we’re not going to let them sell their products in Canada anymore,” Freeland said. This is the same woman who froze Canadian truckers’ bank accounts for protesting vaccine...

Office of Management and Budget (OMB) Director Russ Vought is also the interim Director of the Consumer Financial Protection Bureau (CFPB). The CFPB is under review by DOGE and on Monday morning Russ Vought told CFPB staff not to come to work. {Background Here}Vought sent an email to employees this morning saying they should “not perform any work tasks.” They were directed to contact the top lawyer for the Office of Management and Budget “to get approval in writing before performing any work task.”Vought is also serving as the bureau’s acting director. The previous director, Rohit Chopra, was fired by...

Employees of the Consumer Financial Protection Bureau were instructed to cease “all supervision and examination activity” and “all stakeholder engagement,” effectively stopping the agency’s operations, in an email from the director of the Office of Management and Budget, Russell Vought, on Saturday evening. Mr. Vought, who was confirmed this week to lead the Office of Management and Budget, was on Friday named acting director of the consumer protection bureau, the federal government’s financial industry watchdog. In his email to staff on Saturday, he reaffirmed earlier instructions from the previous acting director, Treasury Secretary Scott Bessent, who ordered last week that...

By debanking conservatives, JPMorgan and Bank of America may be “debanking” themselves, On The Money has learned. It all stems from a raft of bad publicity that began with President Trump’s statements in Davos a couple of weeks ago, accusing the nation’s No. 1 and No. 2 banks of canceling accounts of conservatives. It continued with Wednesday’s Senate Banking Committee hearing on the matter. The result: Some customers began to flee the big guys, and at least one beneficiary has been to a small online bank that is beginning to make a name for itself in conservative circles by claiming...

Elon Musk’s DOGE team entered the Consumer Financial Protection Bureau headquarters on Friday – and staffers are pissed off!“Elon Musk’s team on Friday entered the headquarters of the Consumer Financial Protection Bureau on Friday, sources tell us,” Politico reported.According to Politico, at least 3 of Elon Musk’s DOGE workers are now “senior advisors” in the staff directory at the Consumer Financial Protection Bureau.“Three Musk allies are listed as “senior advisers” in the staff directory at the CFPB now.” Politico reported.“CFBP staff is “mad as hell.”” the reporter added.Elon Musk’s team on Friday entered the headquarters of the Consumer Financial Protection...

Recognizing that free advice is worth exactly what you pay for it, allow me to offer Treasury Sec. Scott Bessent some insight on his new gig as acting director of the Consumer Financial Protection Bureau. The bureau, originally the brainchild of Sen. Elizabeth Warren, was built on the misguided principle that protecting consumers in the financial services arena should be “above politics.” In Washington-speak, that means an entity that’s not accountable to elected politicians — or, by extension, to the people who elected them. That was bad enough. But under the leadership of Barack Obama appointee Richard Cordray, the bureau...

Don’t blame us!” *** A couple of globalist bankers, Jamie Dimon, who runs JPMorgan, and his counterpart, Brian Moynihan of Bank of America, are “debanking” — or denying bank services — to conservatives, crypto enthusiasts and other industries deemed politically sensitive.Or as The Donald put it: “And I don’t know if the regulators mandated that because of Biden or what,” Trump said, calling into the World Economic Forum confab and addressing a gobsmacked Moynihan who was in attendance, “but you and Jamie and everybody – I hope you’re going to open your banks to conservatives, because what you’re doing is...

After two Manhattan Contrarian posts in the last month on the subject of anti-money laundering (AML) regulation (here from November 24 and here from December 9), the topic is suddenly in the news. On November 26, Marc Andreessen appeared on the Joe Rogan podcast, with an extensive discussion of the debanking of the crypto industry, and that appearance got some notice. The Wall Street Journal ran two op-eds on the subject of AML on Monday (December 16): “Debanking and the Return of Operation Choke Point” by Allysia Finley, and “Businesses Get a Reprieve from a Draconian Law” by Caleb Kruckenberg...

HOW THE FEDERAL GOVERNMENT WEAPONIZED THE BANK SECRECY ACT TO SPY ON AMERICANS Posted Dec 13, 2024 By Martin Armstrong | SPREAD THE LOVE https://twitter.com/i/status/1865108551611396247 A Congressional investigation committee released an extremely concerning report this week entitled: “FINANCIAL SURVEILLANCE IN THE UNITED STATES: HOW THE FEDERAL GOVERNMENT WEAPONIZED THE BANK SECRECY ACT TO SPY ON AMERICANS” that details how the US government has been monitoring American citizens through bank transactions, with an emphasis on citizens who have expressed conservative viewpoints. “Financial data can tell a person’s story, including one’s “religion, ideology, opinions, and interests” as well as one’s “political leanings,...

In a government full of nasty, obnoxious and extra-legal regulatory initiatives to harass the people, the effort to regulate “money laundering” out of existence has to rank at the top. The basic idea is for the government to require all banks to become involuntary deputies of law enforcement to spy on their customers behind their backs, so that the bureaucrats can gain access to detailed information on what every single person is doing all the time. And thus will all criminality be stomped out! In the real world, what anti-money laundering (AML) regulation means is that the government gains vast...

After 9/11, the federal government enacted the Patriot Act to protect citizens and the country from further terrorist attacks. But in what some people would call an extreme reaction, Congress passed a bill that essentially put all Americans under surveillance: It also beefed up the Bank Secrecy Act, giving Washington greater oversight over everyone in the U.S. financial system -- which amounts to pretty much everyone in the country. And it mandated that banks collect more data on their customers -- also known as ‘know-your customer protocols’” -- and report any suspicious activities. Over the years, this machinery, which had...

A young Australian nationalist with no criminal history has been “debanked” due to his political views. Melbourne man Michael Nelson, 20, received a letter from Bendigo Bank on Friday informing him that his account would be closed in 21 days, citing a clause in their terms and conditions. “As a result of a recent internal review conducted by the Bank and careful consideration, we have determined that we are unable to continue providing you with banking and financial services. This decision has been made in order to protect the Bank’s legitimate interests,” read the letter, which was unsigned. The relevant...