(NewsNation) — A group of conservative figures has started a bank to counter what one founder says is a practice by “woke” financial institutions to close accounts based on politics.
Country recording artist John Rich helped start Old Glory Bank, which he says was designed for individuals or business interests at risk of being “debanked” because their beliefs don’t align with those of banking industry leaders.
More broadly, debanking refers to banks closing the accounts of high-risk customers or to follow laws against corruption and money laundering.
Tech execs about to get revenge on Biden administration for ‘debanking’: Sources
“For the past four or five years, the ‘woke’ banking system has targeted conservatives mercilessly and endlessly and put many conservative Americans out of business,” Rich told NewsNation’s “On Balance” on Wednesday. “They have caused them some irreparable harm to their personal finances and to their businesses.”
Among the businesses that have been mistreated are gun companies, Rich said. He added that conventional banks have also willingly handed over the personal information of customers, something Old Glory Bank says on its website it will not do without a court order.
The bank has more than 50,000 customers across the United States, Rich said.
Other Old Glory Bank founders include former Trump Cabinet member Ben Carson, commentator Larry Elder and Oklahoma Gov. Mary Fallin.
