FSC Endorses FIRM Act to Fight Banking Discrimination

LOS ANGELES—The Free Speech Coalition has announced its support for the federal Financial Integrity and Regulation Management (FIRM) Act that is currently before the House Financial Services Committee in Congress. The following statement, published Friday on the FSC's blog, explains more:  The House Financial Services Committee has advanced H.R. 2702, the Financial Integrity and Regulation Management (FIRM) Act. It’s a meaningful move in the fight to stop discriminatory banking practices that target adult businesses and other marginalized communities. Free Speech Coalition submitted a Statement for the Record supporting the bill and highlighting how debanking—often justified by vague concerns about “reputational risk”—has caused real harm to adult creators, sex workers, and LGBTQ+ entrepreneurs. These are lawful businesses being excluded from basic financial services simply because of stigma or political pressure. In our statement, we called for stronger, clearer federal guidance that holds banks and regulators accountable. Financial institutions shouldn’t be able to shut out entire industries based on personal discomfort with legal sexual expression. “Banks should not be allowed to discriminate against entire industries based on discomfort with legal sexual speech,” we wrote. “Guidance must be clear, enforceable, and built on the principle that no legal business should be denied financial services based on stigma.” The FIRM Act is a step forward. But there’s more to be done to make sure all lawful businesses have access to the financial services they need to survive and grow. The FSC's full statement in support of the FIRM Act is available here.