A coalition of state financial officers is backing President Donald Trump's new executive order aimed at halting "discriminatory debanking," calling it a critical step toward restoring fairness and neutrality in the financial system.

"For too long, federal regulators have weaponized the concept of ‘reputational risk’ to pressure financial institutions into cutting ties with individuals and organizations they find politically or ideologically objectionable," the 31 financial officers wrote in a joint statement.

The group of treasurers, auditors and comptrollers from 23 states added that debanking practices have "distorted the role of risk assessment and undermined Americans’ access to basic financial services."

"Let us send a clear message: discriminatory debanking stops now," the fi

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