Arkansas ESG Oversight Committee Blocks Financial Service

Arkansas’ ESG Oversight Committee made headlines this week by opting to keep TD Bank Group and TD Securities on its list of financial service providers that allegedly discriminate against fossil fuel and energy companies. Other companies on the list include Goldman Sachs & Co., Goldman Sachs Group Inc, Royal Bank of Canada, RBC Capital Markets, UBS Group AG, UBS Securities, Nomura Asset Management, Nomura Securities, Credit Suisse Group AG, and Credit Suisse Securities LLC.

As corporations increasingly make decisions based on Environmental, Social, and Governance (ESG) factors, Arkansas’ lawmakers have enacted legislation addressing financial discrimination against fossil fuels and related energy companies.

While many are concerned about businesses being driven by radical environmental agendas, it’s worth pointing out the “Social” element of ESG allegedly has caused some conservative organization to have their bank accounts closed.

Family Council has written repeatedly about how politicized de-banking hurts charities, conservative causes, and people of faith.

In 2022, Chase abruptly closed the account of Ambassador Sam Brownback’s National Committee for Religious Freedom with little warning or explanation, and PayPal similarly disabled the account of a group called the Free Speech Union.

In 2021, our credit card processor — a company owned by Chase Bank — canceled our account with virtually no notice and no explanation. The only conclusion we could draw was that our conservative principles prompted the cancelation.

Recently the U.S. House of Representatives Judiciary Committee and the Select Subcommittee on the Weaponization of the Federal Government released a report indicating the federal government actually weaponized banks against conservatives following the events of January 6, 2021.

The report shows that federal law enforcement officials from the Treasury Department and the FBI quietly contacted financial institutions to discuss ways financial institutions could share customer information with federal law enforcement outside of normal legal processes.

The report further revealed the Treasury Department provided banks and financial institutions with information listing legitimate, conservative groups such as Alliance Defending Freedom, American Family Association, Family Research Council, and many others as “Hate Groups” alongside the KKK and the American Nazi Party.

In April, Arkansas Attorney General Tim Griffin signed a letter with 14 other state attorneys general asking Bank of America to come clean about its de-banking practices.

We appreciate Arkansas’ policymakers being willing to stand up for transparency and accountability at financial institutions. Nobody should have their bank account canceled because of what they believe.

Articles appearing on this website are written with the aid of Family Council’s researchers and writers.

Arkansas A.G. Joins Letter Asking Bank of America to Come Clean About Debanking

Earlier this month Arkansas Attorney General Tim Griffin signed a letter alongside 14 other state attorneys general asking Bank of America to come clean about its “debanking” practices.

The letter says,

Bank of America appears to be conditioning access to its services on customers having the bank’s preferred religious or political views. This is inconsistent with your bank’s promise to uphold “the highest standards of corporate governance and ethical conduct[, including] efforts to always do business the right way for [its] customers.”1 Surely Bank of America would not say that denying service to clients for exercising their civil liberties is doing “business the right way for [its] customers.”

Your discriminatory behavior is a serious threat to free speech and religious freedom, is potentially illegal, and is causing political and regulatory backlash. Your bank needs to be transparent with and assure us, its shareholders, and others that it will not continue to de-bank customers for their speech or religious exercise

The letter goes on to cite past examples of politicized debanking — and how debanking may run afoul of the law.

Family Council has written repeatedly about how de-banking hurts charities, conservative causes, and people of faith.

For example, in 2021, our credit card processor — a company owned by Chase Bank — canceled our account with virtually no notice and no explanation.

In 2022, Chase abruptly closed the account of Ambassador Sam Brownback’s National Committee for Religious Freedom with little warning or explanation, and PayPal similarly disabled the account of a group called the Free Speech Union.

Last month the U.S. House of Representatives Judiciary Committee and the Select Subcommittee on the Weaponization of the Federal Government released a report indicating the federal government actually weaponized banks against conservatives following the events of January 6, 2021.

The report shows that federal law enforcement officials from the Treasury Department and the FBI quietly contacted financial institutions to discuss ways financial institutions could share customer information with federal law enforcement outside of normal legal processes.

The U.S. Treasury Department gave banks and other financial institutions guiding “typologies” — patterns that could be used to identify suspicious people or activities — including search terms and patterns like “TRUMP” and “MAGA.”

The Treasury also encouraged financial institutions to comb through transactions for terms like, “Bass Pro Shops,” “Cabela’s,” and “Dick’s Sporting Goods” when looking for “Homegrown Violent Extremism.”

The report further revealed the Treasury Department provided banks and financial institutions with information listing legitimate, conservative groups such as Alliance Defending Freedom, American Family Association, Family Research Council, and many others as “Hate Groups” alongside the KKK and the American Nazi Party.

And last month testimony at congressional committee meetings further explained how banks and other financial institutions may abuse their power.

It is nearly impossible for a church, business, charity, or family to function in modern American society without a bank account. That’s one of the reasons why there are so many laws regulating the banking industry — and it’s part of the reason why debanking is so dangerous.

Nobody should have their bank account canceled because of what they believe.

We appreciate Attorney General Griffin’s willingness to stand up for transparency and accountability at Bank of America and in the financial industry.

Articles appearing on this website are written with the aid of Family Council’s researchers and writers.

Liam’s Dangerous T-Shirt: Guest Column

The First Circuit Court of Appeals will soon decide whether a public middle school can ban a student from wearing a T-shirt with the phrase “[t]here are only two genders.” Earlier this month, the Alliance Defending Freedom argued on behalf of Liam Morrison, who was sent home for wearing the shirt, while his Massachusetts school had proactively encouraged students to wear shirts with pro-LGBTQ messages during a school-imposed Pride week.  

A lawyer for the school argued that the phrase on Liam’s shirt was not merely offensive but put classmates who struggle with gender dysphoria at risk of “significant harm.” That’s an oft-made assertion these days, an assertion that poses as an argument but without evidence to back it up.  

Liam has learned a bit early about courage and what’s at stake when you stand for what is true. Pray for him. It’s not easy to be accused of evil, but more Christians will be.

Copyright 2024 by the Colson Center for Christian Worldview. Reprinted from BreakPoint.org with permission.