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I was not proposing such legislation, but condemning it on the grounds that such laws amounted to social engineering, an overreach that preempted and violated i
by Zuider 10y ago
I was not proposing such legislation, but condemning it on the grounds that such laws amounted to social engineering, an overreach that preempted and violated individual decision making. I am well aware of the inevitable consequences of such a law.
I was criticizing the position stated in the top comment of this thread which stated:
>There is a large and (warranted) initiative to bank minorities and other disadvantaged communities. Until the government created huge incentives to do this it didn't happen.
- nickles 10y agoI read your comment in isolation and misinterpeted it, but thanks for providing the context. The government absolutely overstepped its mandate with such laws. I think it's important to distinguish between all banking services and credit facilities. I feel as though improving access to banking services in otherwise under-banked groups is an important initiative. ~30% of Americans do not have access to a savings account. Ensuring that all communities have access to these basic services would likely be beneficial to individuals and the economy. However, access to credit should be decoupled from such considerations.