Sometimes, good intentions lead to bad policy. Lawmakers see a problem, momentum builds, and the solution overshoots the mark. Oklahoma’s HB 3172, the so-called “Fair Banking Act” is a prime example.
The concern behind the bill is understandable. Many Americans have grown uneasy about stories of account closures that appear arbitrary or ideological. Stories of ministries, families, or entrepreneurs losing access to banking with little explanation have understandably raised alarm bells.
Unfortunately, HB 3172 does not offer a balanced solution. Instead, it could make banking access more expensive and complicated for the very citizens lawmakers hope to support.
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