releases: http://donyoung.house.gov/news/documentsingle.aspx?DocumentID=401841
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| http://donyoung.house.gov/news/documentsingle.aspx?DocumentID=401841 | ALASKA DELEGATION WELCOMES CURRENCY RULE PREVENTING BANK EXCLUSION OF ENERGY SECTOR | 2020-11-20 | 2020 | 2020-11 | Republican | Senate | AK | Don Young | Y000033 | donyoung.house.gov | legacy | WASHINGTON, D.C.U.S. Senators Lisa Murkowski and Dan Sullivan, and Congressman Don Young (all R-Alaska), welcomed aproposed rule announced todayby the U.S. Office of the Comptroller of the Currency (OCC) to ensure that national banks are providing fair access to banking services to customers based on objective risk, withoutexcludinglegal businesses and individuals. The announced rule comes after a sustained effort by members of Congress, led by the Alaska congressional delegation, urging the country's senior federal financial regulators to examine the legality of decisions in late 2019 and early 2020 by several of the nation's largest banks to withhold financing from oil and gas development projects in the Arctic, including the 1002 Area of Alaska's Arctic National Wildlife Refuge (ANWR). For too long, we have seen financial institutions making policy decisions in attempts to de-bank disfavored industries. Perhaps the most recent example came late last year, as Alaskans witnessed a deeply troubling trend of America's big banks pledging to black-list energy development projects in the Arctic, without regard for the people who live here in some of the most economically-challenged parts of the country,said the delegation. Not only were these pledges callous, they also very likely violated federal law. We quickly got to work, informing our congressional colleagues about the dangerous precedent this trend could set for other industries, and calling on the regulators who oversee the big banks to step forward and correct this injustice. We thank Comptroller Brooks and the OCC team for upholding the principle of free and fair access to capital today and acting on behalf of all Americans, including the Alaskans we represent. This is not a partisan issue only affecting oil and gas. This rule is to ensure fair access to banking services for all, not just for favored industries. Fair access to financial services, credit, and capital are essential to our economy,saidActing Comptroller of the Currency Brian P. Brooks. This proposed rule would ensure that banks meet their responsibility to provide their services fairly since they enjoy special privilege and powers because if the system fails to provide fairness to all, it cannot be a source of strength for any. According to the OCC, the proposal builds upon the fundamental principle of nondiscrimination, under Title III of theDoddFrank Wall Street Reform and Consumer Protection Act of 2010, and would prevent banksalone or in coordination with othersfrom limiting fair access to banking through broad-based, categorical decisions against entire categories of customers, rather than individual and objective risk assessment. The rule will next be published in the federal register, starting a comment period that will close by January 4, 2021. After the OCC considers the comments, the office will publish a final rule. Timeline In December of 2017, President Donald Trumpsigned theTax Cuts and Jobs Act, which included a title authored by Senator Murkowski to authorize energy development in a small portion of the non-wilderness 1002 area of ANWR. InDecember of 2018, the Bureau of Land Management (BLM) released the draft environmental impact statement (EIS) for the oil and gas leasing program in ANWR. In January of 2020, sixteen Democratic U.S. senatorssent a letterto the leaders of the nation's fifteen largestbanks, urging them to withhold funding from Arctic oil and gas projects. Also in January, Mayor Harry Brower Jr. of Alaska's North Slope Boroughpenned an op-edcondemning the subtly racist attitude of some of thebanksblocking economic opportunities for Alaska Native peoples who reside on the North Slope. In April of 2020, Sullivan and President Trumpcriticizedthe actions of thebanksin a press conference at the White House. In May of 2020,the Alaska delegationsent a letterwithmore than 30oftheircongressional colleagues to President Trump urging the administration to take action against large American financial institutions forexcludingAmerican energy companies and their workers. In June of 2020, Senators Sullivan and Murkowski, and Congressman Young,sent a letterto Chairman Jerome Powell and Vice Chair Randy Quarles of the Federal Reserve, Acting U.S. Comptroller of Currency Brian Brooks, and Chairwoman Jelena McWilliams of the Federal Deposit Insurance Corporation, urging these officials to consider regulatory action and oversight of large American financial institutions following theactions against Arctic communities. On July 24, 2020, Comptroller of the Currency Brookssent a response letterto the delegation stating, As requested, the OCC will take a serious look at these banks' actions. The OCC intends to seek additional information from the banks involved to understand the rationale for these decisions as well as their effect on our national economy and local communities. This will, in turn, help us analyze whether these actions violate any duty or obligation under federal laws. # # # | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |