The following quote may be attributed to Alliance Defending Freedom Senior Vice President of Corporate Engagement Jeremy Tedesco regarding a final rule issued Tuesday by the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency that prohibits adverse actions against financial institutions on the basis of perceived “reputation risk”:
“The FDIC and OCC’s new rule prohibiting the use of ‘reputation risk’ helps close the book on a shameful period where regulators abused their power to threaten law-abiding Americans through their financial institutions. The American people deserve a financial system that provides fair access for everyone, regardless of political or religious viewpoints. Recent history teaches us that regulators have all too often weaponized ‘reputation risk’ to punish viewpoints they disfavor. Americans should have a regulatory system that focuses instead on protecting banks’ safety and soundness, and this move is a big step toward that goal. Alliance Defending Freedom commends the Trump administration, and especially the leadership of the FDIC and OCC, for doing their part to ensure a fair financial system for all Americans.”
Alliance Defending Freedom is an alliance-building, non-profit legal organization committed to protecting religious freedom, free speech, parental rights, and the sanctity of life.
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