The Trump administration’s rule would have provided an important safeguard against large banks—defined by the OCC as those “with more than $100 billion in assets that may exert significant pricing power or influence over sectors of the national economy”—using their vast wealth and financial power to impose their ideological views on Americans.

Although it seems like the rule ought to draw significant bipartisan support—do liberals really want big banks punishing people who don’t agree with them?—soon after taking office, President Biden put the rule on a 60-day hold…

Many on the left want to allow banks to discriminate on the basis of political ideology, among other things, because large banks have already used their power to promote a variety of causes favored by Democrats.

For instance, in February, Bank of America announced, “Building on Bank of America’s longstanding support for the Paris Climate Agreement, the company today outlined initial steps to achieve its goal of net zero greenhouse gas (GHG) emissions in its financing activities, operations and supply chain before 2050.”