Florida Attorney General Ashley Moody, joined by 19 other attorneys general, is opposing the Biden-Harris administration’s assertion that state laws preventing de-banking pose a “national security threat.”
Moody and the coalition argue that this is an attempt to create confusion about state laws to further extreme activist agendas.
“The Biden-Harris administration has pursued a radical agenda since its inception. From open borders to targeting gas stoves and washing machines, they are now attempting to use the Treasury Department to label states, which seek to protect their citizens from unjustified de-banking, as national security threats. This is merely another effort to use federal power to advance the administration’s destabilizing activist agenda,” said Moody.
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In a critical response to U.S. Secretary of the Treasury Janet Yellen, Moody and the coalition emphasized, “No consumer or business should be denied services based on political beliefs, religious views, or arbitrary social credit scores derived from ideological agendas. The letter deliberately misleads financial institutions about state laws, such as Florida’s HB 989, falsely suggesting that these laws would prevent financial institutions from considering whether a consumer is associated with designated terrorist groups. In reality, laws like HB 989 ensure financial institutions focus on true risk-based factors and avoid enforcing radical social policies.”
The attorneys general also highlighted the Treasury Department’s inconsistency, stating, “deny[ing] any person a financial service . . . unless the denial is justified by such person’s quantified and documented failure to meet quantitative, impartial risk-based standards.”
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They noted that the Treasury Department’s Financial Crimes Enforcement Network previously did not object to this language as a national security risk. The coalition contends that the current criticisms are politically motivated rather than based on genuine security concerns.
Moody and the coalition expressed their hope that federal regulators will prioritize their statutory duties over advancing radical political causes.
The response letter was signed by attorneys general from Alabama, Alaska, Arkansas, Idaho, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Montana, Nebraska, New Hampshire, North Dakota, South Carolina, Texas, Utah, West Virginia, and Wyoming.
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