BATON ROUGE, La. – Louisiana State Treasurer John Fleming, M.D., is asking individuals and businesses in the state to report instances of “debanking”—the practice of financial institutions denying service based on religious or political beliefs.
Dr. Fleming and his colleagues at the State Financial Officers Foundation (SFOF) are compiling a database of individuals and businesses who claim they have been improperly denied access to financial services.
Concerns Over Bank Policies
The issue gained national attention after former President Donald Trump criticized Bank of America at the World Economic Forum, alleging the bank was not serving conservative businesses. President Trump urged Bank of America’s CEO, Brian Moynihan, to reconsider, stating that financial institutions should not discriminate based on political ideology.
Dr. Fleming has echoed these concerns. In August 2024, he opposed Bank of America’s approval as an authorized fiscal agent for the State of Louisiana. His decision, based on Louisiana Revised Statutes 49:317 and 320, cited evidence that the bank has allegedly denied services to religious organizations, gun manufacturers, fossil fuel producers, and other businesses based on their ideological positions.
Research Supports Claims of Bias
According to the State Financial Officers Foundation, Bank of America has exhibited a pattern of internal political and religious bias, ranking low on the Viewpoint Diversity Score Business Index, which measures corporate support for free speech and religious freedom.
Dr. Fleming argues that viewpoint discrimination by financial institutions is unacceptable.
“Any discrimination based on political or religious viewpoints is unacceptable, which is why I am asking the people of Louisiana if they have been victimized by debanking. If so, I want to hear from you.”
Impact on Businesses and Individuals
Debanking can have serious financial consequences, including the sudden loss of access to capital without warning or explanation. Dr. Fleming asserts that such actions violate the principles of free enterprise and threaten the free-market economy.
“These actions amount to censorship and are totally and completely un-American,” said Fleming.
How to Report an Incident
Individuals or businesses in Louisiana who believe they have been affected by debanking due to political or religious discrimination are encouraged to share their experiences through the SFOF reporting portal at:
👉 sfof.com/debanking
Dr. Fleming and his SFOF colleagues say they are committed to fighting for financial freedom and ensuring that banking institutions do not discriminate based on political or religious beliefs.