Charlotte, N.C. – Donald Trump is saving American businesses again, and the days of Obama-Era, corporate banking overlords forcing discriminatory policies on lawful industries are, hopefully, coming to an end.
The Office of the Comptroller of the Currency (OCC) recently proposed a rule to ensure fair access to banking services provided by national banks, federal savings associations, and federal branches and agencies of foreign bank organizations. The OCC is an independent bureau with the United States Department of Treasury.
As businesses across America attempt to stay afloat from liberal-legislation and Democratic governor mandates, their desperate access to cash and capital will be pivotal to their survival. As our nation’s foremost president on economic principle and foregone leader of American-First business, Donald Trump and his administration have directed the OCC to force lending changes to U.S. banks, credit unions, and other financial institutions.
“Fair access to financial services, credit, and capital are essential to our economy,” said Acting Comptroller of the Currency Brian P. Brooks. “This proposed rule would ensure that banks meet their responsibility to provide their services fairly since they enjoy special privilege and powers because if the system fails to provide fairness to all, it cannot be a source of strength for any.”
The proposal implements language included in Title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which charged the OCC with “assuring the safety and soundness of, and compliance with laws and regulations, fair access to financial services, and fair treatment of customers by, the institutions and other persons subject to its jurisdiction.” The statute expanded the OCC’s responsibilities to include fair access separately from appropriate treatment following the last financial crisis. The government had provided substantial public resources to support the banking system.
Financial discrimination against businesses like the firearm industry started during the Obama administration. Operation Chokepoint formalized the discrimination by the Federal Deposit Insurance Corporation (FDIC) and Department of Justice (DOJ) to stop financial institutions from offering services to some regulated industries in an attempt to choke off banking services.
If elected, Joe Biden and his liberal followers have targeted small and large businesses alike across America as the cash cows to finance his new and upcoming executive orders and legislative agenda. Since announcing his candidacy, President-Elect Biden has vowed not to increase personal income taxes for those Americans and households earning less than $400,000 per year.
However, what Biden has failed to tell people across America, is the fallout and backlash of increasing taxes on small and large businesses. Basic economics will show that growing overhead and operational expenses will increase companies’ cost of goods and services. In turn, from gasoline to milk and other essential household goods, prices will increase, and customers, despite household income, will be forced to pay more.
COVID business closures and mandatory shutdowns have and will force hundreds of thousands of company closures. Some governors like Gov. Andrew Cuomo have hinted at increasing income taxes across all brackets to replace lost state revenues due to his ordered closures.
Small businesses are reeling, and should they be able to remain open, regardless of their business’s nature, they will need access to cash to survive. As president, Donald Trump has realized and embraced the American dream of free enterprise and entrepreneurship. As a former Vice President, and Associated Press President-Elect, Joe Biden will force the government into the board rooms, stock rooms, and living rooms of small businesses across America. And the result will be Democratically devastating.
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