Sometimes the fastest way to make a problem worse is a quick fix.
Last month, South Carolina’s House passed H.5538, the Guarantee Banking Act, a bill intended to stop politically motivated “debanking,” the denial of financial services based on ideology rather than on legitimate financial risk.
But it may end up hurting the very people lawmakers say they’re trying to help. In a state with more than 530,000 small businesses employing roughly 863,000 people, predictable access to banking is economic infrastructure.
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