Bill > S379

This bill, known as the "No Red and Blue Banks Act", prohibits the General Services Administration (GSA) from awarding contracts to banks (referred to as "insured depository institutions") or their affiliates that refuse to do business with certain legally operating companies based solely on social policy considerations. In other words, the bill aims to prevent financial institutions from discriminating against businesses for reasons unrelated to their financial performance or legal status, such as political viewpoints or controversial industry sectors. The legislation specifically targets situations where a bank might choose not to work with a company because of its perceived social or political stance, rather than any legitimate financial risk or legal concern. The bill's provisions would only apply to future contracts, meaning any contracts already in place at the time of the bill's enactment would remain unaffected. This proposed law appears designed to prevent what some view as politically motivated business exclusion by financial institutions.

Military Affairs and Security

https://www.congress.gov/bill/119th-congress/senate-bill/379/all-info