Townhall - Columnists - John R. Lott, Jr.
OPINION
Canada Isn't Alone in Using Debanking As a Weapon Against Political Opponents
John R. Lott, Jr. | Posted: Feb 23, 2022 12:01 AM
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Canada may be the future for many Americans. The Canadian government is freezing the bank accounts of truckers involved in the freedom protest. But on Thursday, they went even further, freezing the bank accounts and blocking credit cards and crypto wallets for people and institutions in Canada who donated to support the truckers. Without credit cards or checks and no access to financial institutions, people better hope that they have lots of cash at home.
This is being done even without court orders.
It is bad enough that financial institutions freeze donors’ accounts. Still, to get an idea of how extreme this is, they are punishing people who donated to the truckers even before the Trudeau government condemned the truckers’ actions.
But this isn’t just something that happens in our neighbor Canada. Indeed, Biden is using all the regulatory tools at his disposal to “debank” those industries he doesn’t like. Biden’s nominee to be the Federal Reserve’s vice chair for supervision has repeatedly urged regulators to force banks to defund America’s domestic oil and gas industry. That position would give her the power to do just that.
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