Waters Statement on OCC Action to Halt Proposal to Force Banks to Serve Gun Manufacturers and Fossil Fuel Companies
Washington, DC, February 2, 2021
Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, released the following statement on the Office of the Comptroller of the Currency’s (OCC) decision to pause the publication of a final rule that would place our financial system at risk and force banks to serve gun manufacturers and fossil fuel companies.
“I am pleased that the OCC has halted the publication of this shameful Trump Administration rule that would force banks to serve fossil fuel companies and gun manufacturers despite the material risk it poses. In December, I urged then-acting Comptroller of the Currency, Brian Brooks to halt the implementation of this rule, which would expose consumers and financial institutions to unnecessary financial risk.
On December 29, 2020, Chairwoman Waters and 22 Committee Democrats sent a letter to OCC's then-acting Comptroller, Brian Brooks, urging him to withdraw the proposed rule.