Bank Accounts Frozen Over New Discrimination Rule

Bank Accounts Frozen Over New Discrimination Rule

( – New York City (NYC) has long been a deep blue stain on the map of the United States, even if it is home to so many institutions dedicated to capitalism, making it the economic capital of America — arguably, of the entire world. However, former NYPD Captain, Mayor Eric Adams, who seems to have found a home in the Left end of the Democratic Party, and the unabashed progressive Comptroller Brad Lander, have fully embraced woke ideology and are using their control of the city’s money to apply pressure to the nation’s banks to conform or be penalized.

Enforced Compliance

Every two years, the NYC Banking Commission, which is currently made up of the mayor, comptroller, and mayoral appointee Department of Finance Commissioner Preston Niblack, decides which banks will be used to handle the accounts of the city. This time though, the application process required the financial institutions to “provide detailed plans and specific steps to combat different forms of discrimination in their operations,” according to a February 10 press release.

In a separate announcement on May 25, it was revealed that “five banks failed to comply with…the designation process,” which led Lander to make a sweeping allegation against them, which seems to imply he could read the minds of everyone involved. Saying they came to the sinister conclusion “that they are not taking meaningful actions to combat discrimination in their operations and are not responsible stewards of public dollars.” The edict declaring the lockdown on Capitol One’s 108 accounts holding $7.2 million and KeyBank’s $10 million across three accounts claims these two institutions “outright refused to submit required policies.”

The trio also voted to preemptively ban Wells Fargo, International Finance Bank, and PNC Bank for failing to live up to the haughty standards put forth by the Banking Commission, even though they have no city accounts at this time.

In testimony before the NYC City Council on April 19, Lander accused several financial institutions of engaging in a long history of discriminating against BIPOC (Black, Indigenous, People of Color) communities while also pitching the idea of the public bank, which is defined as one that is “a financial institution owned and operated by the state, city, or county government.”

Lander also tied in the idea that such a public bank would be built on a foundation of Environmental, Social, and Governance (ESG) investing, a Woke-ism for a way to force everyone into adherence to the Progressive Agenda on issues like the Green New Deal.

When one looks at the donors to the comptroller’s 2021 campaign, his political leanings become less surprising. One of the top contributors is George Soros, along with minor contributions from his son Jonathan and daughter-in-law Jennifer.

ESG programs are set up to impact the credit rating of individuals, corporations, and other institutions in a negative manner, meaning they have less access to money. Some conservative states, such as Florida, Texas, and Georgia, have instituted laws designed to blunt some of the biases against industries important to the economies of those states, such as coal mining operations and crude oil production, built into the concept.

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