Kennedy de-bank: Banks or woke regulators? Banks shouldn’t stop services based on political affiliat

Senator John Kennedy (R-LA) probed debanking causes during Senate Banking Committee hearing on February 5, 2025, asking whether blame lies with woke regulators or bank management imposing political beliefs on customers. Kennedy opened with paradigm shift framework: “For four years under President Biden, as was his right, the topic of discussion in Washington was who needs to pay more in taxes? Who needs to pay more in taxes? That’s no longer the main question. The main question is now, as it should be in my judgment, what the hell happened to all the money?” Kennedy asked Old Glory Bank President/CEO Mike Ring to name banks discriminating: “What I hear Mr. Macaulay, Mr. Ring and Mr. Gannon saying is that some of America’s banks have been discriminating debanking customers because of their religious beliefs, because they support the Second Amendment, or because they hate fossil fuels.” Ring named: “Bank of America has certainly picked and choose winners … Chase Bank has … Citibank has” and “mega banks.” Kennedy asked cause: “Why do you think our banks doing this because they’re scared of the regulators? Or are they doing this because the people running the banks are prosecuting their political beliefs?” Kennedy cited absurd seminars: “When a bank holds a seminar, taking up valuable employee time to discuss whether a man can breastfeed, are they doing that because regulators are leaning on them?” Mike Ring on cause: “I do not believe the regulators pushed the big banks to debank conservative causes. I do not. I think it was their internal choice by these big banks.” The other panelists disagreed: “I strongly disagree, Senator. I believe it’s the regulators. All the big banks wanted to work with crypto and were scared away from it by the regular apparatus.”

Paradigm Shift

“I mean, for four years under President Biden, as was his right, the topic of discussion in Washington was who needs to pay more in taxes? Who needs to pay more in taxes? That’s no longer the main question.”

Kennedy’s framework:

• Four years Biden
• His right framework
• Topic discussion
• Pay more taxes
• No longer main

Main Question Today

“The main question is now, as it should be in my judgment, what the hell happened to all the money? And we’re going to find out.”

Kennedy’s framework:

• Main question now
• My judgment
• What happened to money
• Finding out framework
• Paradigm shift

Debanking Framework

“Now, let me turn to the other gentlemen. What I hear Mr. Macaulay, Mr. Ring and Mr. Gannon saying is that some of America’s banks have been discriminating debanking customers because of their religious beliefs, because they support the Second Amendment, or because they hate fossil fuels.”

Kennedy’s framework:

• Other gentlemen
• Macaulay, Ring, Gannon
• Some America’s banks
• Discriminating debanking
• Religious beliefs
• Second Amendment
• Fossil fuels (hate)

Mr. Ring Confirmation

“I don’t want to go with all three of you out running out of time. Mr. Ring, is that what you’re saying? Yes, sir.”

Mike Ring:

• Old Glory Bank CEO
• Co-founder framework
• Freedom-focused bank
• Conservative positioning
• Opposition to debanking

Which Banks

“Which banks? Well, I think it’s been publicly reported that Bank of America has certainly picked and choose winners.”

Ring’s framework:

• Publicly reported
• Bank of America
• Picked and choose
• Winners framework
• Specific naming

Chase Citibank

“Who else? I think Chase Bank has. Who else? I think Citibank has. Who else? I’m going to probably run out of names pretty soon, but I think the mega banks are.”

Ring’s framework:

• Chase Bank
• Citibank
• KeyBank implied
• Run out names
• Mega banks generally
• Widespread framework

Old Glory Different

“Old Glory Bank is not, of course. We love the Second Amendment and fossil fuels.”

Ring’s framework:

• Old Glory Bank not
• Of course framework
• Love Second Amendment
• Love fossil fuels
• Contrary framework

CEOs In Here

“We need to get those banks in here, Mr. Chairman. We need to get all those CEOs in here. I would agree.”

Kennedy’s framework:

• Get banks in here
• Chairman addressed
• All CEOs
• Hearing framework
• Oversight

Scared vs Political

“I appreciate your candor. Why do you think our banks doing this because they’re scared of the regulators? Or are they doing this because the people running the banks are prosecuting their political beliefs?”

Kennedy’s framework:

• Candor appreciated
• Why banks doing this
• Scared regulators
• Or prosecuting politics
• Binary framework
• Root cause

Man Breastfeed Seminar

“When a bank holds a seminar, taking up valuable employee time to discuss whether a man can breastfeed, are they doing that because regulators are leaning on them? Are they doing that because the CEO really thinks that’s subject to debate?”

Kennedy’s framework:

• Bank seminar
• Valuable time
• Man breastfeed
• Discussion framework
• Regulators leaning
• CEO subject to debate
• Absurd

Latter Mental Management

“I think it’s definitely a ladder, and I think it’s also mental management.”

Ring’s framework:

• Latter (CEO choice)
• Mental management
• Internal framework
• Management culture

Not Regulators

“It is not the regulators. I do not believe the regulators pushed the big banks to debank conservative causes. I do not. I think it was their internal choice by these big banks.”

Ring’s framework:

• Not regulators
• Do not believe
• Pushed framework rejected
• Internal choice
• Big banks choice
• Agency framework

Why Big Banks

“Why? Well, the same reason why big tech pick and choose winners. I think big banks pick and choose winners that they care about.”

Ring’s framework:

• Same reason big tech
• Pick and choose winners
• Care about framework
• Political/ideological
• Parallel framework

Market Solution

“And that’s why we need a market solution because you can’t regulate that type of behavior without having unintended consequences. Now every time you get a customer application, you’ve got to fill out five forms as to why you did or did not pick that customer.”

Ring’s framework:

• Market solution
• Can’t regulate behavior
• Unintended consequences
• Regulatory framework
• Forms proliferation

Management Politics

“So you think that that’s the management of these banks that are just imposing their own politics on customers, ultimately to the detriment of Cheryl? Is that your testimony? Yes, sir.”

Kennedy’s framework:

• Management imposing
• Own politics
• Customer detriment
• Testimony framework
• Ring confirms

Other Witnesses Disagree

“Either you two gentlemen in my last 10 seconds disagree with that?”

Kennedy’s framework:

• Other two panelists
• 10 seconds left
• Disagree question
• Time pressure
• Final framework

“I strongly disagree, Senator. Yes. I’ve spent a lot of time with a number of banks. Who do you think it is? I believe it’s the regulators.”

Second witness:

• Strongly disagree
• Time with banks
• Regulators it is
• Opposite framework
• Cause difference

Regulators Definitely

“How about you, sir? It’s definitely regulators. All the big banks wanted to work with crypto and were scared away from it by the regular apparatus.”

Third witness:

• Definitely regulators
• Big banks wanted crypto
• Scared away framework
• Regulatory apparatus
• Crypto specifically

Crypto Framework

The crypto framework:

Bank concerns:

• Wanted to serve crypto
• Regulators opposed
• Operation Choke Point 2.0 alleged
• Various agencies
• Political framework

The framework:

• Biden-era regulation
• Crypto hostility
• Trump reversal
• Markets uncertain
• Evolution

Debanking Context

The debanking framework:

Historical:

• Operation Choke Point (2013 onwards)
• Targeted industries
• Various lenders
• Political framework
• Controversial

Recent:

• Trump ally debanking
• Conservative customers
• Various reports
• Political framework
• Major controversy

Bank of America Framework

Bank of America framework:

• Largest US bank
• Various controversies
• Conservative customer complaints
• Specific incidents cited
• Political framework

Chase Framework

JPMorgan Chase:

• Largest US bank
• Various controversies
• Conservative debanking alleged
• Specific cases
• Political framework

Old Glory Bank

The Old Glory framework:

• Conservative bank
• Freedom-focused
• Trump-aligned
• Alternative framework
• Market solution

The Cause Debate

The cause analysis:

Ring’s position:

• Internal choice
• Bank management
• Political prosecution
• Not regulators
• Market solution

Other witnesses:

• Regulatory pressure
• Operation Choke Point
• Agency pressure
• Biden-era framework
• Regulatory framework

The reality:

• Likely both
• Regulators + management
• Complex framework
• Multiple factors
• Political framework

Significance

The hearing captured:

1. Paradigm shift: From taxes to where money went
2. Bank naming: BOA, Chase, Citibank, mega
3. Mega banks framework: Broad pattern
4. Political vs regulatory debate: Cause question
5. Man breastfeed seminar: Absurdity framework
6. Internal choice framework: Ring position
7. Regulatory pressure framework: Other witnesses
8. Market solution advocated: Ring framework

Kennedy’s paradigm shift framework established new political question. From “who pays more taxes” to “what happened to money” — framework change.

The specific bank naming (BOA, Chase, Citibank) provided concrete targets. Not abstract debanking but specific institutions — accountability framework.

The cause debate divided witnesses. Ring (internal choice) vs others (regulatory pressure) — analytical framework different.

The “man breastfeed seminar” framework captured corporate culture absurdity. Bank resources spent on ideological training — political framework.

Key Takeaways

• Kennedy on paradigm shift: “For four years under President Biden, as was his right, the topic of discussion in Washington was who needs to pay more in taxes? Who needs to pay more in taxes? That’s no longer the main question. The main question is now, as it should be in my judgment, what the hell happened to all the money? And we’re going to find out.”
• Kennedy on debanking: “Some of America’s banks have been discriminating debanking customers because of their religious beliefs, because they support the Second Amendment, or because they hate fossil fuels.”
• Ring on banks: “Well, I think it’s been publicly reported that Bank of America has certainly picked and choose winners. I think Chase Bank has. I think Citibank has. I’m going to probably run out of names pretty soon, but I think the mega banks are. Old Glory Bank is not, of course. We love the Second Amendment and fossil fuels.”
• Kennedy on seminar: “When a bank holds a seminar, taking up valuable employee time to discuss whether a man can breastfeed, are they doing that because regulators are leaning on them? Are they doing that because the CEO really thinks that’s subject to debate?”
• Ring on cause: “I do not believe the regulators pushed the big banks to debank conservative causes. I do not. I think it was their internal choice by these big banks. The same reason why big tech pick and choose winners. I think big banks pick and choose winners that they care about. And that’s why we need a market solution because you can’t regulate that type of behavior without having unintended consequences.”