Tucker: How Democrats' 'dangerous' new proposal would inject race into the banking industry

Tucker Carlson continued his investigation Thursday into radical legislation being pushed by Democrats in Congress following last week's report on the New Way Forward Act.

The "Tucker Carlson Tonight" host informed his viewers of a proposed banking regulation that would monitor the racial makeup and diversity of banks and credit unions.

"America has about 8,000 separate banks and credit unions, and every one of them receives what’s called a CAMELS rating. The rating evaluates a bank’s financial health, based on its assets, earnings, sensitivity to market risk, and other relevant factors," Carlson began. "Crucially, all six parts of a CAMELS score are financial in nature or related to running a functioning business. Bad CAMELS scores don’t just mean a bank is in danger of failing, and that investors should be wary. No, low scores frequently trigger regulatory intervention by the federal government. They can destroy a bank."

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The host then summarized the Promoting Diversity and Inclusion in Banking Act, saying it would inject race into the critical rating system.

"The bill would impose a so-called 'diversity mandate' on banks if they want to stay in business. We’re not talking about a diversity of assets, that might make sense. No. This is the age of 'wokeness.' Nobody cares about math anymore. Instead, regulators would monitor banks to see that they’re providing enough 'anti-bias training,' and would keep track of their hiring practices based on race," Carlson said.  "Any bank with more than a billion dollars in assets would be required, by law, to have someone called a 'Diversity and Inclusion Officer' reporting directly to the CEO."

Carlson called the legislation a "shakedown" by Democrats who are pushing banks to "hire diversity commissars, the same kind that have done so much to destroy higher education in America."
 
The host also called the proposed legislation "dangerous" and warned of the consequences of making "financial decisions based on political considerations," mentioning the housing crisis of the early 1990s and the 2008 financial crisis.

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"Banks faced steadily-rising pressure to make more risky loans to borrowers with lower incomes, thinner credit histories, and a much greater risk of default. Banks complied," Carlson said. "Millions of Americans received subprime loans ... Down payments were cut or eliminated entirely. In most cases, the intentions behind this weren’t bad. The government wanted more people, especially minority groups, to own homes."

"The result, as you remember was the 2008 financial meltdown, the worst economic crisis in 80 years," Carlson added. "America still hasn’t recovered from it. Nor, apparently, has Congress learned a thing."