Montgomery, AL – Alabama Attorney General Steve Marshall, along with Florida Attorney General Ashley Moody and 18 other state attorneys general, has voiced opposition to the Biden-Harris administration’s stance on state laws that prevent “de-banking,” which the administration claims pose a “national security threat.” The coalition of attorneys general argues that these claims are an attempt to create confusion and advance what they describe as an extreme activist agenda.
Attorney General Marshall expressed concern over the federal government’s approach, stating, “Never in my life did I think that I would see a day in the United States of America, where states would be forced to take action to protect their citizens from far-left radical experiments like a social credit score.” He criticized the Treasury Department under the current administration, accusing it of using its authority to intimidate states that oppose its policies.
In a letter to Treasury Secretary Janet Yellen, the attorneys general argue that state laws like Florida’s HB 989 do not threaten national security but rather ensure that financial institutions base their decisions on risk factors without being influenced by political or ideological considerations. The coalition claims that the Treasury Department’s current criticism of these laws contradicts its previous stance, where it did not object to similar language regarding financial services.
The letter from the attorneys general also challenges the suggestion that state laws would prevent financial institutions from considering associations with designated terrorist groups, labeling such claims as misleading. They assert that these laws are designed to protect consumers and businesses from being denied services based on political or religious beliefs.
The coalition calls for federal regulators to focus on their statutory responsibilities rather than advancing what they describe as “radical political causes.”
The attorneys general from Alabama and Florida are joined in this effort by their counterparts from Alaska, Arkansas, Idaho, Indiana, Iowa, Kansas, Missouri, Montana, Nebraska, New Hampshire, North Dakota, South Carolina, Texas, Utah, West Virginia, and Wyoming.
