In June 2023, the Coutts bank closed the account of British politician Nigel Farage. While NatWest, the owner of Coutts, initially claimed that Farage failed to meet the Coutts eligibility criteria of holding £1,000,000 or more in his account, it was later revealed that Farage's account was closed in part as Coutts felt that his beliefs and values did not align with theirs. Debanking, the practice of financial institutions closing accounts or refusing services to certain individuals or businesses, has risen in prominence as its proponents argue that debanking is necessary for risk management and regulatory compliance in an increasingly complex world. They say that debanking helps banks avoid involvement in money laundering, fraud, or illegal activities and maintain the financial system's integrity. Critics, however, argue that debanking can lead to unfair discrimination and economic exclusion, particularly for unpopular religious or marginalized groups, and may even be used as a tool for censorship. They worry that debanking has been used to target religious organizations or individuals, infringing on religious freedom by limiting their access to essential financial services and hindering their ability to practice or promote their beliefs.
Featuring:
Hon. Kevin Cramer, U.S. Senator, North Dakota
Hon. Brenda Bird, Attorney General, Iowa
Hon. Sam Brownback, Former U.S. Senator and United States Ambassador-at-Large for International Religious Freedom
Prof. Peter Conti-Brown, Class of 1965 Associate Professor of Financial Regulation at The Wharton School of the University of Pennsylvania and Nonresident Fellow in Economics Studies at The Brookings Institution
Jeremy Tedesco, Senior Counsel, Senior Vice President of Corporate Engagement, Alliance Defending Freedom
Moderator: J.C. Boggs, Partner, King & Spalding