In a recent skit, Saturday Night Live (SNL) attempted to ridicule former President Donald Trump, alleging that he coined the term "de-bank" during a campaign rally. However, for many individuals who have experienced the unsettling reality of having their financial accounts abruptly closed, "de-banking" is no laughing matter.
During a rally in New Hampshire, Trump expressed his opposition to banks and regulators shutting down people's accounts, referring to this practice as "de-banking." SNL's Colin Jost quipped in response, "I don’t know what the hell de-bank means, but you might have to take ‘de-ambulance’ to see ‘de-doctor.’" While the studio audience chuckled, the seriousness of the issue was not lost on numerous Americans.
Many Americans have encountered the distressing experience of being excluded from the financial system. In 2023, The New York Times documented cases of individuals in the United States whose bank accounts were summarily closed without explanation. One affected customer lamented, “I feel that I [at least] deserve to get an explanation,” expressing feeling unjustly targeted.
Customer complaint about Citibank filed with the Consumer Financial Protection Bureau. Source: CFPB
The problem extends to cryptocurrency users, who face similar hurdles. Nic Carter of Castle Island Ventures highlighted what he termed "Operation Choke Point 2.0," a concerted effort by the U.S. government to crack down on the crypto industry through banking channels. Banks, under pressure, announced they would sever ties with cryptocurrency users.
Financial surveillance measures, often under the Bank Secrecy Act regime, remain largely obscure to the public. Howard Anglin, former deputy chief of staff for Canadian Prime Minister Stephen Harper, emphasized the covert nature of financial enforcement, warning against undetected repression.
Under U.S. law, individuals are not informed when banks report their information to the federal government, rendering the process opaque. Additionally, the reasons for account closures are varied and may not signify criminal activity.
Senator Tim Scott raised concerns over politically charged surveillance terms used by the Financial Crimes Enforcement Network (FinCEN). Such practices highlight the urgent need for reform in ensuring financial privacy and transparency.
In conclusion, while SNL may seek comedic fodder in political jargon, the issue of "de-banking" underscores deeper systemic concerns within the financial sector.
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