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Debanking… When Your Bank Acts Like a Political Party

In Canada, ordered by the government, banks began to act like the party in power. Panic, chaos, and bank runs ensued

Earlier this year, we looked at debanking, during the Convoy protests in Canada. The government ordered the banks to freeze the private bank accounts of protesters against the federal government’s contested COVID-19 policies. As we’ll see, debanking, in various forms — where the bank decides, for political reasons — to freeze or end accounts, is becoming a “thing” in the United States too. What really happens? An investigation uncovered some sobering findings: The government invoked the rarely used Emergencies Act on February 14, insisting that doing so was constitutional (“Charter compliant”) and that freezing individuals’ bank accounts “did not amount to a seizure” of them. What happened afterward might give pause for thought: The banks were essentially handed a list…