Alabama official reveals how his gun store was ‘debanked’ in Fox News exclusive
Protecting Americans from being “debanked” has become a top priority for the State Financial Officers Foundation, as highlighted in an exclusive interview with Alabama Republican State Auditor Andrew Sorrell. Sorrell shared his personal experience of being targeted and debanked without any explanation, shedding light on the importance of combating this discriminatory practice.
Sorrell recounted receiving a letter from his credit card company notifying him that his account would be closed in 30 days, without providing any reasons for the action. Initially, he thought it was a simple oversight but later realized that his gun store, Gold Guns and Guitars, was being targeted. When he switched credit card companies, he received another letter from his credit card processor, indicating that he was being dropped as well.
The situation escalated when Sorrell’s insurance company also informed him that he was being dropped with no explanation, leading him to understand that he was a victim of political debanking. This practice of debanking involves banks canceling accounts without justification, often targeting businesses with conservative principles or messaging, such as gun stores.
Conservatives have raised concerns about being unfairly targeted in the practice of debanking, with allegations that banks are discriminating against them based on their beliefs. House Oversight Committee Chairman James Comer echoed these concerns, stating that he had witnessed numerous instances of conservatives being debanked during the Biden administration.
Sorrell emphasized that the issue of debanking does not originate from local community banks but rather from large national banks that have been influenced by past administrations. He believes that passing debanking legislation at the state level could help address this problem and prevent further discriminatory actions against individuals and businesses.
In response to these challenges, GOP Sen. Tim Scott has introduced a bill aimed at addressing regulatory language that prompts financial institutions to debank certain industries. The legislation seeks to eliminate references to reputational risk in regulatory supervision, aiming to put an end to the abuse of power by federal regulators in carrying out political agendas.
The conversation around protecting Americans from being debanked has gained momentum since the Trump administration, with a growing recognition of the need to address this un-American practice. Sorrell emphasized the urgency of stopping political debanking and ensuring that all individuals and businesses have equal access to financial services without discrimination.
As the State Financial Officers Foundation continues its efforts to combat debanking and protect Americans from being targeted based on their beliefs, the conversation around financial inclusion and fairness in banking practices remains a key focus for policymakers and advocates alike.
