Trump Banking Proposal On Fossil Fuels Sparks Backlash From Libertarians

"A new Trump administration proposal that could push more banks to finance fossil fuel activities is creating divisions in conservative circles as free market groups decry the move as government overreach.

The proposed rule, which would put limitations on banks that try to exclude entire industries like oil and gas from financing, has garnered support from a number of Republican lawmakers who back fossil fuels while sparking criticism from libertarian-oriented organizations.

Those groups argue the rule is inconsistent with free market principles and could backfire in the long run by forcing conservative bank owners to provide financing for abortion providers and other groups they don’t like."

Rachel Frazin reports for The Hill November 29, 2020.

Source: The Hill, 11/30/2020