This article originally ran February 14, 2025 on SaraCarter.com
This week, the U.S. Senate Banking Committee held a crucial hearing titled “Investigating the Real Impacts of Debanking in America.” The session, led by Chairman Tim Scott (R-S.C.), put a spotlight on a disturbing trend: the increasing use of financial institutions to deny service to individuals and businesses based on political views or affiliations. This modern form of financial exclusion is not just an economic issue—it is a direct attack on fundamental freedoms.
For years, conservatives and alternative industries have sounded the alarm about financial institutions weaponizing access to banking services. What was once dismissed as paranoia is now a recognized reality. Witnesses at the hearing, including Nathan McCauley of Anchorage Digital and Mike Ring of Old Glory Bank, shared firsthand accounts of being targeted by institutions under pressure from federal regulators. Their testimonies confirm a long-held suspicion: the government and banking elites are leveraging financial systems to police ideological conformity.
Old Glory Bank stands as a prime example of a financial institution committed to resisting this discriminatory trend. Unlike major banks that have bowed to political pressure, Old Glory Bank is actively providing banking solutions that protect free enterprise and uphold American values. Their efforts highlight the importance of alternative financial institutions stepping up to ensure all Americans have access to essential banking services, regardless of political beliefs.
A particular focus of the hearing was the targeting of cryptocurrency firms. The echoes of “Operation Chokepoint,” the Obama-era initiative that pressured banks to sever ties with firearm dealers, payday lenders, and other disfavored industries, can be heard loud and clear in today’s financial landscape. The crypto industry, which thrives on decentralization and financial independence, has become the latest victim. Regulators are using compliance measures and risk assessments as cover for political bias, effectively choking out companies that refuse to play by Washington’s rules.
House Financial Services Committee Hearing on Debanking
This fight isn’t just happening in the Senate. The House Financial Services Committee’s Oversight and Investigations Subcommittee, chaired by Dan Meuser, held a hearing on February 6, 2025, focusing on the Biden Administration’s Operation Choke Point 2.0. Lawmakers exposed how regulators have been strong-arming banks into cutting off entire industries, particularly digital asset firms. Witnesses detailed how financial institutions were pressured into severing business relationships—not because of risk or fraud, but because of political bias. (financialservices.house.gov)
This is a replay of the original Operation Choke Point, when the government pressured financial institutions to blacklist industries they didn’t like—gun dealers, payday lenders, and other conservative-leaning businesses. Now, they’re coming for crypto. If this continues, they will come for any business that doesn’t align with their agenda. It won’t stop here.
The Bigger Picture: Financial Control as Political Censorship
The Senate and House hearings confirm what we’ve all known for years: this is about power. Controlling who can access banking is the most effective way to silence, starve, and shut down political opposition. If they can cut off entire industries now, what’s stopping them from debanking political candidates, journalists, or conservative organizations next?
This isn’t just about isolated businesses. It’s about whether Americans can exist in the modern economy without bending to an ideological litmus test. Today, it’s crypto firms and gun shops. Tomorrow, it’s whoever they decide doesn’t belong.
What Needs to Happen Next
This isn’t just a problem to talk about—it’s a crisis to solve. Here’s where we start:
- Legislative Action – Congress must ban financial discrimination based on political beliefs. We have laws protecting against racial and religious discrimination in banking—why isn’t ideology treated the same way? Vice President JD Vance and Representative Jim Jordan are pushing for financial fairness laws, but they need backing from the grassroots.
- Building Alternative Financial Infrastructure – Conservatives can’t rely on woke banks and Silicon Valley-controlled payment processors. Revere Payments, Old Glory Bank, and other censorship-free financial institutions are a start, but we need more. We need our own financial system—one that’s independent of those who seek to control us.
- Public Awareness & Corporate Accountability – This isn’t just about getting censored on Twitter. This is about financial survival. We need to boycott, expose, and apply shareholder pressure to force accountability. Sunlight is the best disinfectant—let’s make sure these institutions can’t operate in the dark.
The Time to Act is Now
Trump’s election was a step in the right direction, but it didn’t end this fight. If we don’t act now, conservative businesses, individuals, and entire industries will continue to be erased from the economy—not by government decree, but by banks and corporations who have decided who gets to participate.
This isn’t just about politics. It’s about ensuring that every American—regardless of their beliefs—has the right to buy, sell, and operate freely in the marketplace.
We don’t win this fight by waiting. We win by building, supporting, and defending a financial system that respects free enterprise and free speech.
The question isn’t whether this will keep happening. The question is: What are you going to do about it?
Wendy M. Kinney is an attorney and the Founder & CEO of Revere Payments, a payment technology company committed to protecting businesses from financial censorship. A seasoned entrepreneur and legal strategist, she has spent her career fighting for financial freedom, alternative payment solutions, and the right of conservative businesses to operate without fear of de-platforming. She has been featured as a panelist at CPAC and works closely with business leaders to develop censorship-resistant financial infrastructure.
Since 2007, Revere Payments and MGI have been leading providers of merchant account credit card processing for low, medium and high-risk organizations. We offer tailored solutions that can rank among the best credit card processing companies in the world. With Revere Payments, you gain a trusted partner for transparent pricing, reliable security, and exceptional support—helping you focus on what you do best: growing your business.
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