The resolution, introduced by a group of Louisiana representatives, calls on the United States Congress and the Trump administration to take action against the perceived misuse of regulatory power by federal agencies over financial institutions. It highlights concerns that regulators have been pressuring banks to sever ties with certain individuals and businesses, which undermines free market principles. The resolution cites past instances, such as Operation Choke Point, where regulators allegedly coerced banks into limiting services to specific industries, and emphasizes the need for a regulatory environment that does not stifle lawful banking activities.
The resolution advocates for the modernization of anti-money laundering laws to better target actual financial crimes while protecting the rights of law-abiding customers. It urges regulatory agencies to focus on their core missions without overstepping into unrelated policy areas and to avoid using non-binding guidance as a means of exerting pressure on financial institutions. Additionally, it calls for increased transparency and accountability among regulators to ensure that legitimate concerns about financial crime do not impede access to banking services for innocent citizens. A copy of the resolution is to be sent to key financial regulatory leaders and Louisiana's congressional delegation.