Lummis, Daines Protect Businesses from ESG Initiatives in SAFER Banking Legislation 

September 20, 2023

WASHINGTON, D.C. – Today, U.S. Senators Cynthia Lummis (R-WY) and Steve Daines (R-MT) secured historic protections for energy companies and gun manufacturers in an effort to stop many of the Environmental and Social Governance (ESG) initiatives threatening the industries as part of the Safe and Fair Enforcement Regulation (SAFER) Banking Act.

This legislation ensures Operation Chokepoint, an illegal initiative led by the Obama administration to pressure banks to close accounts of industries they were ideologically opposed to, can never happen again. 

“Energy companies in Wyoming are threatened daily by woke ESG initiatives that could cause these energy producers to lose access to bank accounts and loans. The SAFER Banking Act prohibits federal bank regulators from ordering a bank or credit union to close an account based on reputation risk, which will protect energy companies and gun manufacturers from attacks from the left that threaten their business each day. All legal businesses should have access to bank accounts, and this legislation ensures the federal government cannot pick winners and losers when it comes to providing access to financial services,” said Sen. Lummis.

“The SAFER Banking Act is about keeping our Montana communities safe and reducing the risk of crime, but it’s also about protecting legal business’ access to financial institutions. Whether it’s a legal cannabis business, a legal gun manufacturer or a legal energy company, no Montana business should be shut out of banks or credit unions and forced to operate in all-cash because of ideological differences. I’m glad to work with my colleagues to ensure all legal Montana businesses will be protected from the whims of the Left’s wokeness,” said Sen. Daines.

“Wyoming’s community banks are committed to meeting the needs of all of Wyoming’s families and industries. The SAFER Banking Act does not force any bank to do business in areas where they lack experience or expertise, but it will help Wyoming businesses who need a bank account get one more easily. The bill will also force federal banking regulators to cut red tape and tailor their regulations for rural community banks. This commonsense bill is welcome news to the Wyoming Bankers Association,” said Scott W. Meier, President of the Wyoming Bankers Association.

Sens. Lummis and Daines do not support making cannabis legal federally. They both oppose the legalization of marijuana and believe it is an issue that should be decided at the state level. In the coming days Lummis and Daines will be introducing legislation to ensure marijuana cannot be legalized federally by the FDA without Congressional approval.