U.S. Representative Dan Meuser (PA-09), Chairman of the House Financial Services Subcommittee on Oversight and Investigations, issued a statement this week in strong support of former President Donald J. Trump’s newly signed executive order, which seeks to prevent financial institutions from denying services based on political or ideological considerations.
The executive order, announced by Trump during a campaign-style appearance in Florida, directs federal financial regulators to prohibit the use of “reputational risk” as a reason for denying banking services. It also mandates agencies to review past account closures that may have stemmed from non-financial, political factors and to issue guidance ensuring equal treatment under the law.
“No American should be denied access to financial services because of their political views, religious beliefs, or lawful business activities,” said Meuser. “It’s wrong, it’s unfair, and it has no place in a free society.”
Meuser cited instances in Pennsylvania where businesses—including firearms retailers, energy companies, and cryptocurrency firms—were allegedly dropped by banks without clear explanations. He attributed these closures to what he called regulatory pressure from federal agencies under previous Democratic administrations.
“These were not business decisions based on risk—they were regulatory threats disguised as guidance,” Meuser said.
The issue of “debanking,” or the denial of financial services due to reputational or political concerns, has gained renewed attention in recent years. Critics argue that certain industries have been unfairly targeted based on ideological bias. Supporters of tighter banking oversight say reputational risk remains a valid consideration in maintaining public trust and responsible lending practices.
Meuser has been a vocal critic of what he calls "Operation Choke Point 2.0," referring to a revived form of a controversial Obama-era initiative that critics claim pressured banks to cut ties with certain industries. In his role as subcommittee chair, Meuser held a hearing early in the current Congress to examine the issue, urging federal agencies to clarify their supervisory roles.
Following his subcommittee's investigation, Meuser noted that federal regulators including the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) have since moved to eliminate “reputational risk” from their supervisory guidelines.
“This is meaningful progress,” Meuser said. “Now Congress must finish the job to ensure this doesn’t happen again.”
Meuser is the sponsor of the SAFE Guidance Act (H.R. 4460), which aims to prevent federal agencies from using informal guidance in lieu of law. The bill has passed the House Financial Services Committee. He is also a cosponsor of the FIRM Act (H.R. 2702), which would explicitly bar the use of reputational risk as a justification for denying financial services to lawful businesses.
The executive order has drawn praise from conservative lawmakers and groups advocating for limited government intervention. However, it is likely to face scrutiny from financial watchdogs and advocacy organizations that argue the move could weaken regulators’ ability to monitor and mitigate potential misconduct or instability in the financial system.
Whether or not Trump’s order remains in place may depend on the outcome of ongoing legal and political battles, including the 2024 presidential election, where financial regulation has become a growing point of contention between candidates and parties.
For now, Meuser said he remains focused on pushing for permanent legislative reforms.
“Access to banking is foundational to the free market,” he said. “The law needs strength and clarity, and we’ll work to deliver both.”