A lot of people are saying S.401 is useless because "they'll just ignore it", "it won’t be enforced", or "corporations do what they want anyway." But this kind of pessimism/fatalism completely misunderstands how the financial sector actually works.
Let me be crystal clear- Banks and payment processors cannot just ignore federal law even if the consequences would seem like less than a slap on the wrist.
They are some of the most tightly regulated entities in the U.S. economy if not outright. They don't fear fines because the dollar amount hurts, they fear them because each one is a red flag on their record, and that record affects everything from their ability to operate in certain states, their access to federal reserve services (like the Discount Window mentioned in the law), their credit rating and investor confidence, exposure to civil lawsuits and class actions, their compliance score with auditors and insurers and more.
The fine itself could be $10 or $10,000 - it doesn't matter. The existence of a law that makes this kind of financial censorship illegal is enough to force internal policy changes. This is because once it's law, any regulator or lawyer can escalate it. And if even one company gets hit hard, the rest will fall in line overnight. This isn't idealism, this is how regulated industries behave. They don't need a S.W.A.T team kicking in doors, they just need one pissed-off oversight committee or SEC filing and it's over.
If you think "nothing matters" because the system is rigged, congratulations because that's exactly the mindset the people in power want you to have. The moment the law changes, the entire equation changes. Corporations rely on a pretense of legality and compliance to justify what they do. When you strip that away, and they are exposed.
This is why it is so absolutely important no matter what side of any culture war or debate you are from be it degenerate porn or free speech absolutism to even outright fascism that, even if you have in good faith your senator is a useless fucking Soros-throating shitbag, you spam and hammer the fuck out of them about this issue. It matters not if it feels pointless, it's the message and precedent your attention sets and the pressure it places on others who see them and want to look better for future terms who might decide to agree with you to win the vote.
This bill makes it explicitly illegal for banks and payment processors to discriminate against lawful businesses based on "reputational harm" which is subjective, or ideology. Once that's in writing it becomes a sword anyone can pick up. Anyone, be it activists, lawmakers, lawyers, even competitors.
And while they do not fear the fine, they absolutely fear the record it would set and the target it would put on them from lawmakers if they ignored it.
That's not a nothingburger. That's a loaded gun.
Edit; While typing I forgot to include one point. Allow me to specify- Even the enforcement or lack thereof is pointless to even worry about because the fact that the law exists sends a chilling affect to this behavior which can not be ignored, for the moment even ONE person disagrees with the status quo who has the power to do something about it, they are cooked. It may not solve every issue, but the pressure and leeway it gives consumers and businesses against the economic rape Null has mentioned cannot be overstated.
It is leeway we don't just want, it is leeway we NEED to progress any further future action. This is the door. Open it or shut the fuck up.
