The Treasury Department is warning that state laws that restrict banks from considering environmental, social and governance factors could harm efforts to address money laundering and terrorism financing.
Maybe that’s the point.
The Treasury Department is warning that state laws that restrict banks from considering environmental, social and governance factors could harm efforts to address money laundering and terrorism financing.
Maybe that’s the point.
Okay so wtf does woke mean then? I thought woke was when Spider-Man is black. What does that have to do with banking?
Tldr: People were concerned that banks which are critical to most institutions could decide to deny service to those they disfavoured resulting in certain groups effectively being practically outlawed by a collective of private banks.
That already happens with credit cards and certain online businesses, though. E.g. https://finance.yahoo.com/news/pornhub-crackdown-credit-card-companies-170053200.html (from 2020 but there are other instances of it happening with sites like Backpage)