The Treasury Department is warning that state laws that restrict banks from considering environmental, social and governance factors could harm efforts to address money laundering and terrorism financing.
Maybe that’s the point.
“Anti-woke banking laws”. That is the most meaningless description.
Small government right there folks.
they’re too busy outlawing porn and forcing the 10 commandments into classrooms to deal with any actual problems
A few years ago, a friend was telling me about how much access to the financial system is a problem for (legal) sex workers. I wonder if this law protects them too.
It looks like it might to me unless there’s a quantitative, impartial, and risk based reason or a “rating, scoring, analysis, tabulation, or action that considers a social credit score” the decision to deny them credit would be illegal for my understanding. Unless there’s some justifiable monetary reason for them to deny service legal sex workers should be covered.
HB 3 Florida 2023 session
I would love to hear Treasury Department’s definition of Woke and Anti-Woke.
Okay so wtf does woke mean then? I thought woke was when Spider-Man is black. What does that have to do with banking?
Tldr: People were concerned that banks which are critical to most institutions could decide to deny service to those they disfavoured resulting in certain groups effectively being practically outlawed by a collective of private banks.
That already happens with credit cards and certain online businesses, though. E.g. https://finance.yahoo.com/news/pornhub-crackdown-credit-card-companies-170053200.html (from 2020 but there are other instances of it happening with sites like Backpage)
