View or download a PDF of the letter here.

AFR and 24 partners sent a letter to the Senate Banking Committee opposing the FIRM Act. The bill purports to curb banking discrimination and enable equal opportunity to obtain financial services. But it would do nothing to prevent actual discrimination or improve access to financial services for people in protected classes. What it would do, however, is hamstring regulators, upend the longstanding framework of bank supervision and regulation—developed and fine-tuned by both
Democratic and Republican-led regulators over decades—and raise the incidence of money laundering, fraud, litigation, and bank failures.