Latest news with #ArmenianAmericans
The Hill
3 days ago
- Business
- The Hill
Debanking innocent Americans should be illegal
Republican and Democratic leaders agree: Closing the bank accounts of Americans for no apparent reason is wrong. In recent years, major banks have begun the quiet, calculated and often callous closing of bank accounts belonging to honest, law-abiding Americans — typically without warning, cause or recourse. The practice is called debanking. And, to put it plainly, it just ain't right. According to members of the Senate Committee on Banking, Bank of America 'was the subject of 988 improper closure complaints and 584 improper account denial complaints.' JPMorgan Chase 'was the subject of 1,423 improper closure complaints and 443 improper account denial complaints,' and in 2021, Chase closed the account of retired former National Security Adviser Gen. Michael Flynn's nonprofit, citing 'reputational risk.' Wells Fargo 'was the subject of 1,053 improper closure complaints and 350 improper account denial complaints'; it has faced allegations of closing long-standing customer accounts in 'high-risk' categories, like firearms dealers. Citigroup 'was the subject of 742 improper closure complaints and 96 improper account denial complaints,' including closing personal and business accounts of Armenian Americans. Most people are unaware of this practice until it touches them directly. Bank failures and employee embezzlements get far more attention from the media and policymakers. But to those affected, debanking is as devastating as being caught in a bank robbery crossfire — and the consequences can be permanent. To put things in context, we are not talking about fraudsters, drug lords or terror financiers. Debanking is being used against men and women whose only crime is running a small business, engaging in lawful commerce or having views or associations that run counter to traditional orthodoxy, such as adult content creators. Some are foreign nationals. Others are part of religious nonprofits. Some are just on the conservative side of the political spectrum. It has been happening to regular people — people like the owner of a barbershop in a historically Black neighborhood who manages an informal savings club. To his neighbors, the owner is a lifeline. But to the bank, he is a suspicious actor whose account gets frozen after depositing a large sum of money. There's no warning and no conversation — just an ATM terminal denying him access to his own funds. Or it could be a cybersecurity expert whose firm defends against hackers and cybercriminals. Because she interacts with cyberthreats, the bank froze her account, assuming she was the criminal. Maybe it's the owner of a bakery whose teenage son sells inert replicas of firearms online as collectibles. Because of his hobby, the bank closed down the mother's account. Perhaps the next victim is a retired Marine and Civil War re-enactor who was told his bank account was closed because of his 'military paraphernalia.' These are not anomalies. They are becoming more commonplace as banks are increasingly guided — or misguided — by the concept of reputational risk, driven by the fear of being associated with certain businesses like adult entertainment, cannabis, firearms, crypto or fringe political groups. Understandably, no bank wants to be grilled by a hostile Senate committee or slapped with a billion-dollar fine for missing a bad actor. Nor do they want to be accused of helping to finance terrorism or violent organizations. So they overreach. To avoid risk, they 'de-risk' certain people, not based on their behavior but on categories and algorithms. This is not compliance. It is digital profiling. Earlier this year, the chairman of the Senate Banking Committee, Sen. Tim Scott (R-S.C.), introduced the Financial Integrity and Regulation Management Act, which expressly prohibits federal regulators from using 'reputational risk' as a justification for examining or penalizing banks. In rare bipartisan agreement, Sen. Elizabeth Warren (D-Mass.) also highlighted thousands of complaints collected in recent years from people who could not open accounts or had them abruptly closed. 'Big banks are relying on black-box algorithms and middlemen companies, and shutting down accounts without doing careful due diligence,' she said, citing Muslims, cannabis businesses and recently incarcerated people as victims. Beyond the personal harm, the societal impact of debanking is enormous. In a digital economy, it widens the gap between the unbanked and the rest of the world, and forces good people into underground economies that cut them off from full economic participation. Banks are meant to be neutral custodians of commerce, not referees of righteousness. To be sure, banks have a duty to fight illicit finance. But that duty should not include disenfranchising individuals based on vague reputational concerns. Federal watchdogs should clarify what 'reputational risk' means, and there must be much more transparency. Congress should also encourage banks to practice diligent risk analysis, not blanket exclusion. Regulators should reward, not penalize, banks that create culturally competent, innovation-friendly frameworks. Every American deserves to know why their financial life has been upended. Vague form letters are not acceptable. A bank should not be allowed to destroy someone's livelihood without a process for redress. Reasons must be specific, reviewable and appealable. Most Americans who have had their accounts closed are not money launderers, cybercriminals, militia leaders or threats to national security. They are citizens. Taxpayers. Workers. Innovators. Parents. Patriots. They are being punished not for what they've done, but for how they are perceived. Without question, banks must guard against criminality. But they should do so with discernment, discretion and decency. Otherwise, they are not protecting consumers. They are prosecuting them. And in America, that just ain't right. Adonis Hoffman writes on business law and policy. He served in senior legal roles at the FCC and in the U.S. House of Representatives.
The Sun
25-04-2025
- Politics
- The Sun
Trump goes mum on 'Armenian genocide' after Biden recognition
WASHINGTON: US President Donald Trump on Thursday steered clear of describing the Ottoman Empire's World War I-era mass killings of Armenians as 'genocide,' a reversal from his predecessor Joe Biden. Turkey, whose leader Recep Tayyip Erdogan has forged close ties with Trump, has long denied genocide and angrily sought to block any international use of the term. In an annual message issued by presidents on the tragedy's anniversary, Trump said that the American people 'honor the memories of those wonderful souls who suffered in one of the worst disasters of the 20th century.' Biden in 2021 became the first president to recognize the genocide, writing: 'The American people honor all those Armenians who perished in the genocide that began 106 years ago today.' Biden, who throughout his political career had a tight relationship with Armenian Americans, used similar formulations throughout his presidency and directly told Erdogan that he would use the term genocide. Armenian American activists voiced outrage at Trump's language and noted that he had promised to support Armenians, who are overwhelmingly Christian, after Turkish-aligned Azerbaijan seized the Nagorno-Karabakh breakaway enclave dominated by the community in 2023. 'President Trump's retreat from US recognition of the Armenian genocide represents a disgraceful surrender to Turkish threats,' said Aram Hamparian, executive director of the Armenian National Committee of America. 'President Trump's omission is not a diplomatic oversight -- but rather a deliberate retreat from truth and a dangerous signal of US tolerance for ongoing anti-Armenian violence,' he said in a statement. 'It mirrors his first administration's shameful record of silence and complicity.' Asked why Trump did not use the term genocide, National Security Council spokesman James Hewitt said: 'These horrific events were one of the worst atrocities of the 20th century. 'That is why the US government acknowledges that 1.5 million ethnic Armenians were deported, massacred or marched to their deaths in the final days of the Ottoman Empire,' he said. 110-year anniversary According to Armenia and most mainstream Western historians, up to 1.5 million people died between 1915 and 1916 when the Ottoman authorities, struggling on the battlefield, repressed the Armenian minority which it saw as traitors in league with Russia. They were either killed or sent on deadly marches into the Syrian desert, deprived of food and water. Turkey denies that the killings were systematic or genocide. It estimates Armenian deaths at 300,000 to 500,000 and claims that as many Turks died in civil strife after many Armenians sided with invading Russian forces. Both houses of the US Congress in 2019 nearly unanimously declared that the United States recognizes an Armenian genocide, leading Trump's State Department to issue a statement that the administration's stance 'has not changed' against using the term. Other major countries that recognize an Armenian genocide inlcude France and Russia, which both have close ties with Armenia, and Germany, which has long been sensitive to the issue due to its Nazi past. Trump administration officials have often accused Biden of jeopardizing US interests by focusing on human rights, instead suggesting to only raise the issue as a cudgel against US adversaries. At the end of Trump's first term, the State Department declared that China was committing genocide against its mostly Muslim Uyghur minority due to mass incarceration camps, charges strongly denied by Beijing.
France 24
25-04-2025
- Politics
- France 24
Trump goes mum on 'Armenian genocide' after Biden recognition
Turkey, whose leader Recep Tayyip Erdogan has forged close ties with Trump, has long denied genocide and angrily sought to block any international use of the term. In an annual message issued by presidents on the tragedy's anniversary, Trump said that the American people "honor the memories of those wonderful souls who suffered in one of the worst disasters of the 20th century." Biden in 2021 became the first president to recognize the genocide, writing: "The American people honor all those Armenians who perished in the genocide that began 106 years ago today." Biden, who throughout his political career had a tight relationship with Armenian Americans, used similar formulations throughout his presidency and directly told Erdogan that he would use the term genocide. Armenian American activists voiced outrage at Trump's language and noted that he had promised to support Armenians, who are overwhelmingly Christian, after Turkish-aligned Azerbaijan seized the Nagorno-Karabakh breakaway enclave dominated by the community in 2023. "President Trump's retreat from US recognition of the Armenian genocide represents a disgraceful surrender to Turkish threats," said Aram Hamparian, executive director of the Armenian National Committee of America. "President Trump's omission is not a diplomatic oversight -- but rather a deliberate retreat from truth and a dangerous signal of US tolerance for ongoing anti-Armenian violence," he said in a statement. "It mirrors his first administration's shameful record of silence and complicity." Asked why Trump did not use the term genocide, National Security Council spokesman James Hewitt said: "These horrific events were one of the worst atrocities of the 20th century. "That is why the US government acknowledges that 1.5 million ethnic Armenians were deported, massacred or marched to their deaths in the final days of the Ottoman Empire," he said. 110-year anniversary According to Armenia and most mainstream Western historians, up to 1.5 million people died between 1915 and 1916 when the Ottoman authorities, struggling on the battlefield, repressed the Armenian minority which it saw as traitors in league with Russia. They were either killed or sent on deadly marches into the Syrian desert, deprived of food and water. Turkey denies that the killings were systematic or genocide. It estimates Armenian deaths at 300,000 to 500,000 and claims that as many Turks died in civil strife after many Armenians sided with invading Russian forces. Both houses of the US Congress in 2019 nearly unanimously declared that the United States recognizes an Armenian genocide, leading Trump's State Department to issue a statement that the administration's stance "has not changed" against using the term. Other major countries that recognize an Armenian genocide inlcude France and Russia, which both have close ties with Armenia, and Germany, which has long been sensitive to the issue due to its Nazi past. Trump administration officials have often accused Biden of jeopardizing US interests by focusing on human rights, instead suggesting to only raise the issue as a cudgel against US adversaries. At the end of Trump's first term, the State Department declared that China was committing genocide against its mostly Muslim Uyghur minority due to mass incarceration camps, charges strongly denied by Beijing.
Yahoo
24-04-2025
- Politics
- Yahoo
Trump goes mum on 'Armenian genocide' after Biden recognition
US President Donald Trump on Thursday steered clear of describing the Ottoman Empire's World War I-era mass killings of Armenians as "genocide," a reversal from his predecessor Joe Biden. Turkey, whose leader Recep Tayyip Erdogan has forged close ties with Trump, has long denied genocide and angrily sought to block any international use of the term. In an annual message issued by presidents on the tragedy's anniversary, Trump said that the American people "honor the memories of those wonderful souls who suffered in one of the worst disasters of the 20th century." Biden in 2021 became the first president to recognize the genocide, writing: "The American people honor all those Armenians who perished in the genocide that began 106 years ago today." Biden, who throughout his political career had a tight relationship with Armenian Americans, used similar formulations throughout his presidency and directly told Erdogan that he would use the term genocide. Armenian American activists voiced outrage at Trump's language and noted that he had promised to support Armenians, who are overwhelmingly Christian, after Turkish-aligned Azerbaijan seized the Nagorno-Karabakh breakaway enclave dominated by the community in 2023. "President Trump's retreat from US recognition of the Armenian genocide represents a disgraceful surrender to Turkish threats," said Aram Hamparian, executive director of the Armenian National Committee of America. "President Trump's omission is not a diplomatic oversight -- but rather a deliberate retreat from truth and a dangerous signal of US tolerance for ongoing anti-Armenian violence," he said in a statement. "It mirrors his first administration's shameful record of silence and complicity." Asked why Trump did not use the term genocide, National Security Council spokesman James Hewitt said: "These horrific events were one of the worst atrocities of the 20th century. "That is why the US government acknowledges that 1.5 million ethnic Armenians were deported, massacred or marched to their deaths in the final days of the Ottoman Empire," he said. - 110-year anniversary - According to Armenia and most mainstream Western historians, up to 1.5 million people died between 1915 and 1916 when the Ottoman authorities, struggling on the battlefield, repressed the Armenian minority which it saw as traitors in league with Russia. They were either killed or sent on deadly marches into the Syrian desert, deprived of food and water. Turkey denies that the killings were systematic or genocide. It estimates Armenian deaths at 300,000 to 500,000 and claims that as many Turks died in civil strife after many Armenians sided with invading Russian forces. Both houses of the US Congress in 2019 nearly unanimously declared that the United States recognizes an Armenian genocide, leading Trump's State Department to issue a statement that the administration's stance "has not changed" against using the term. Other major countries that recognize an Armenian genocide inlcude France and Russia, which both have close ties with Armenia, and Germany, which has long been sensitive to the issue due to its Nazi past. Trump administration officials have often accused Biden of jeopardizing US interests by focusing on human rights, instead suggesting to only raise the issue as a cudgel against US adversaries. At the end of Trump's first term, the State Department declared that China was committing genocide against its mostly Muslim Uyghur minority due to mass incarceration camps, charges strongly denied by Beijing. sct/jgc
Int'l Business Times
24-04-2025
- Politics
- Int'l Business Times
Trump Goes Mum On 'Armenian Genocide' After Biden Recognition
US President Donald Trump on Thursday steered clear of describing the Ottoman Empire's World War I-era mass killings of Armenians as "genocide," a reversal from his predecessor Joe Biden. Turkey, whose leader Recep Tayyip Erdogan has forged close ties with Trump, has long denied genocide and angrily sought to block any international use of the term. In an annual message issued by presidents on the tragedy's anniversary, Trump said that the American people "honor the memories of those wonderful souls who suffered in one of the worst disasters of the 20th century." Biden in 2021 became the first president to recognize the genocide, writing: "The American people honor all those Armenians who perished in the genocide that began 106 years ago today." Biden, who throughout his political career had a tight relationship with Armenian Americans, used similar formulations throughout his presidency and directly told Erdogan that he would use the term genocide. Armenian American activists voiced outrage at Trump's language and noted that he had promised to support Armenians, who are overwhelmingly Christian, after Turkish-aligned Azerbaijan seized the Nagorno-Karabakh breakaway enclave dominated by the community in 2023. "President Trump's retreat from US recognition of the Armenian genocide represents a disgraceful surrender to Turkish threats," said Aram Hamparian, executive director of the Armenian National Committee of America. "President Trump's omission is not a diplomatic oversight -- but rather a deliberate retreat from truth and a dangerous signal of US tolerance for ongoing anti-Armenian violence," he said in a statement. "It mirrors his first administration's shameful record of silence and complicity." Asked why Trump did not use the term genocide, National Security Council spokesman James Hewitt said: "These horrific events were one of the worst atrocities of the 20th century. "That is why the US government acknowledges that 1.5 million ethnic Armenians were deported, massacred or marched to their deaths in the final days of the Ottoman Empire," he said. According to Armenia and most mainstream Western historians, up to 1.5 million people died between 1915 and 1916 when the Ottoman authorities, struggling on the battlefield, repressed the Armenian minority which it saw as traitors in league with Russia. They were either killed or sent on deadly marches into the Syrian desert, deprived of food and water. Turkey denies that the killings were systematic or genocide. It estimates Armenian deaths at 300,000 to 500,000 and claims that as many Turks died in civil strife after many Armenians sided with invading Russian forces. Both houses of the US Congress in 2019 nearly unanimously declared that the United States recognizes an Armenian genocide, leading Trump's State Department to issue a statement that the administration's stance "has not changed" against using the term. Other major countries that recognize an Armenian genocide inlcude France and Russia, which both have close ties with Armenia, and Germany, which has long been sensitive to the issue due to its Nazi past. Trump administration officials have often accused Biden of jeopardizing US interests by focusing on human rights, instead suggesting to only raise the issue as a cudgel against US adversaries. At the end of Trump's first term, the State Department declared that China was committing genocide against its mostly Muslim Uyghur minority due to mass incarceration camps, charges strongly denied by Beijing.
