They want to outlaw free checking as it exists today and has for centuries.

Why?

Because free checking is made possible by a kind of business process called “fractional reserve banking” (“FRB”). These interventionists want to take away the freedom of Americans to buy and sell FRB services, just as interventionists in general want to impair or destroy every American freedom that they think allows the individual to do something that they’ve decided is not good for him.

[No one cared until depositor runs on banks showed that the illiquidity of FRB had its risks. But that had much more to do with the assets those banks bought during the cash flood of the COVID relief funds. With most businesses battening down hatches or worse, the only seemingly save haven were bonds. When the Fed started hiking interest rates, however, the value of those bonds inverted from positive to negative, which meant that the banks could not easily cover depositor funds. In a normal environment, FRB would not be an issue. — Ed]