Iowa AG Leads Coalition Defending Banking Laws

Iowa Attorney General Brenna Bird has led a coalition of 20 Republican state attorneys general in a response to the U.S. Treasury Department's concerns over state laws that restrict banks from considering social or environmental factors when making investment decisions. The Treasury warned that these laws could jeopardize national security by complicating efforts against money laundering and terrorism financing. In their letter, the coalition dismissed these concerns as fearmongering by the Biden-Harris Administration, aimed at undermining state laws like those in Florida and Iowa. They argue that such laws are essential to prevent banks from discriminating based on political beliefs. Bird emphasized that Americans should have access to banking services regardless of a bank's political stance, labeling the Treasury's stance as an attempt to block necessary protections for consumers. This issue has seen similar laws passed in several states including Arizona, Georgia, and South Dakota.