S. 401, also known as the “Fair Access to Banking Act,” is a bill aimed at amending the Federal Reserve Act to prevent financial service providers from using government-funded lending programs if they deny fair access to their services for political or subjective reasons. It mandates that...
Simple Explanation
The "Fair Access to Banking Act" is a rule that says big banks and financial companies can't use government money if they unfairly refuse to help people with their banking needs, and they must explain why they won't provide their services if asked.