No Red and Blue Banks Act

Bill 119 s 379, also known as the "Prohibition of Contracts with Certain Insured Depository Institutions Act," aims to prevent the General Services Administration (GSA) from awarding contracts to certain insured depository institutions that refuse to do business with companies engaged in lawful commerce for reasons related to social policy.

The bill specifically targets financial institutions that have chosen to avoid working with companies based solely on social policy considerations. This practice has been criticized for potentially limiting the ability of certain businesses to access financial services and participate in the economy.

If passed, the bill would prohibit the GSA from entering into contracts with these financial institutions, effectively penalizing them for their discriminatory business practices. This would ensure that taxpayer dollars are not being used to support institutions that engage in what some consider to be unfair and discriminatory behavior. Overall, Bill 119 s 379 seeks to promote fairness and equality in the business world by holding financial institutions accountable for their actions and ensuring that all companies have equal access to financial services.