Debanking now abolished thanks to new executive order??
(twitter.com)
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I haven't seen any mention of an enforcement mechanism anywhere with this EO. Only forcing financial institutions to amend their ToS within 6 months.
A good first step, but toothless without a direct & streamlined way for the aggrieved to have the feds hold multinational financial institutions to account.
The video in another thread comment suggests that consumers can still be denied for financial risk parameters. This seems like another loophole where controversial figures are still declared to great a "risk" to do business with, only the semantics changed from reputational to financial risk.
Many of the non-US political figures I've seen debanked simply received a random letter one day declaring an end to their business relationship & an imminent closure of all their accounts because the financial institution did an analysis & deemed them to be "too great of a risk".
There's also the question of new vs ongoing business. Most of the debanking cases involve an existing customer suddenly being denied service because of political views. But what about new sign-ups? Does a financial institution have the right to deny someone who isn't a customer a new account for any reason whatsoever by freedom of association?
It's already illegal.
The EO basically says "The Secretary of the Treasury and the head of the Small Business Administration have to start doing their congressionally mandated jobs. They have 1 month to start, 3 months to impress me, and 6 months to be done."
From what I recall about Josh Moon from KiwiFarms ranting about the payment processors & debanking pre-Trump EO, what he said is that even if you could convince the DOJ or whomever to get off their asses & enforce existing laws about discrimination about 1A, political speech, etc, the process involves the feds actually having to push each individual case through the court system.
And the fines on the books capped out at something like 5-10k for Visa & Mastercard processing trillions, so the actual consequences are laughable even if one were to pursue justice to its very unlikely lawfare conclusion.
I know this isn't what you mean, but yea, I personally think he earned that rant.
They need to have the fines raised and their fees capped. Visa: $35B revenue, $20B profit. MC: $28B revenue, $13B profit. That is outrageous. They do next to nothing. Nearly nothing now that the internet exists and can easily be delivered via LEO satellite.
I hate nationalizing things but we already have a national check clearing house. What the fuck are we even doing with this bullshit in 2025?
Agreed. This is one of the few areas where nationalisation makes sense, in my opinion.
All Trump's executive orders are toothless, voided, and expire. https://communities.win/c/ConsumeProduct/p/19BtPqNfWd/breaking-president-trump-has-jus/c