Every company in the US is subject to the rules of the Office of The Comptroller of the Currency (OCC). This rules gives the OCC the power to fine banks for doing business with companies presenting "reputational risk" to the bank.
You'll see it online called "Operation Chokepoint" as an Obama scheme. It was actually Bush who introduced the law. The Obama administration started introducing what we would call ESG as the criteria - bullets, gambling etc.
Every company in the US is subject to the rules of the Office of The Comptroller of the Currency (OCC). This rules gives the OCC the power to fine banks for doing business with companies presenting "reputational risk" to the bank.
You'll see it online called "Operation Chokepoint" as an Obama scheme. It was actually Bush who introduced the law. The Obama administration started introducing what we would call ESG as the criteria - bullets, gambling etc.
https://www.americanbanker.com/opinion/theres-no-downplaying-the-impact-of-operation-choke-point
Trump tried to repeal the law by introducing the "Fair Access to Banking" executive order:
https://www.cnbc.com/2021/01/14/trump-bank-regulator-incurs-wall-street-ire-on-way-out-the-door-.html
Even before Biden took office, the OCC rolled back their changes
https://occ.gov/news-issuances/news-releases/2021/nr-occ-2021-14.html
It's the rule which caused NBT Bank or City National Bank of Florida to close Torba's banking for GAB
https://nationalfile.com/revealed-andrew-torba-names-two-banks-who-banned-gab-after-media-smears/
It's not just celebrity right wingers
Barclays drops private prisons as more banks weigh reputational risks
https://www.bankingdive.com/news/barclays-drops-private-prisons-as-more-banks-weigh-reputational-risks/560037/