Congressman Dan Meuser, who chairs the House Financial Services Subcommittee on Oversight and Investigations, has voiced strong support for President Donald J. Trump’s executive order that aims to end the practice of political debanking. The order instructs federal regulators to remove subjective “reputational risk” standards from their supervision and requires agencies to address politicized or unlawful debanking practices.
“President Trump is taking bold and necessary action to end the outrageous and unlawful practice of political debanking,” said Congressman Meuser. “No American should be denied access to financial services because of their political views, religious beliefs, or lawful business activities. It’s wrong, it’s unfair, and it has no place in a free society.”
Meuser noted that such incidents have occurred in Pennsylvania, including his own district, where certain businesses like firearms retailers, energy producers, and digital asset companies lost banking services without clear reasons. He attributed these actions not just to banks but also to regulatory pressures under previous administrations.
“We’ve seen this throughout Pennsylvania—including in my own district—where firearms retailers, energy producers, and digital asset innovators were suddenly dropped by their banks with no explanation. These were not business decisions based on risk—they were regulatory threats disguised as guidance. Banks were pressured, not persuaded. While the banks are not without fault, the regulators under Obama and Biden are the ones who are culpable for the debanking that occurred.”
The executive order directs financial institutions to notify affected customers and reinstate them when appropriate if service was denied for impermissible reasons.
“These debanked businesses faced frozen payrolls, mounting debt, and severe disruptions to their operations. Their livelihoods and reputations were harmed—not because of any wrongdoing, but because they were on the wrong side of political opinion in Washington,” Meuser said. “That is incompatible with the rule of law and the principles of equal treatment under it. Prejudice, when it exists in the financial system, needs to be prohibited outright.”
As subcommittee chairman, Meuser has focused efforts against what he calls “Operation Choke Point 2.0”—a reference to regulatory measures he says targeted politically disfavored industries during recent years. Following public investigations led by his committee, agencies such as the Federal Reserve (Fed), Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Corporation (FDIC) have removed reputational risk considerations from their examination frameworks.
“Access to banking is foundational to the free market. Chairman French Hill and I, in coordination with the White House, are focused on codifying that principle in law—so no administration can weaponize financial regulation ever again.”
Meuser highlighted legislative steps including his SAFE Guidance Act (H.R. 4460), which clarifies that regulatory guidance cannot replace law; this bill has passed through committee stages in Congress. He also supports Rep. Andy Barr’s FIRM Act (H.R. 2702), which would prevent use of reputational risk as grounds for denying services to lawful businesses.
“It’s a shame that we need a law like this in America,” Meuser said. “But unfortunately, we do. The regulatory environment should encourage and promote access to banking services, not hinder it in an arbitrary and capricious manner. The law needs strength and clarity, and we’ll work to deliver both.”
He credited officials including Federal Reserve Vice Chair Michelle Bowman, FDIC Acting Chairman Travis Hill, and Comptroller Jonathan Gould for removing reputational risk from supervisory practices.
“These reforms—alongside President Trump’s executive action—represent meaningful progress. Now Congress must finish the job to ensure this doesn’t happen again, which is why we need to codify these protections into law.”
