White House Executive Order Delivers Major Win Against Financial Discrimination

In a meaningful step toward financial fairness, the White House issued an Executive Order on August 7 aimed at curbing discriminatory banking practices that have long affected individuals and businesses, particularly those in the adult industry. The order specifically prohibits financial institutions from using vague, subjective concepts like “reputational risk” to deny or restrict access to essential banking services. It also requires regulators to review past cases where accounts may have been unfairly closed, and to ensure affected individuals or businesses are given a path to reinstatement.

The Free Speech Coalition, the trade association of the adult entertainment industry, has spent years in Washington, D.C., meeting with lawmakers across the political spectrum to raise awareness about the widespread issue of “debanking.” These efforts focused especially on how such practices harm sex workers, many of whom operate legally, but face systemic barriers to financial stability simply because of the stigma associated with their work.

For sex workers, financial discrimination can have far-reaching consequences. Personal and business accounts are often closed without notice. Funds can be frozen mid-transaction, credit applications denied, and access to major platforms like PayPal, Square, and Venmo abruptly revoked. Even performers and creators who comply fully with platform policies and operate legitimate businesses have found themselves locked out of banking systems, with little or no explanation.

The effects are destabilizing. Many sex workers are pushed into cash-only transactions, which increases risk of theft and makes it harder to save, budget, or build long-term financial security. Some lose access to housing, healthcare, or childcare when automatic payments fail or banking disruptions occur. In other cases, workers have been unable to pay taxes or apply for loans because of blocked access to basic services. These are not isolated incidents and they reflect a broader pattern of exclusion rooted in judgment, not legality.

By directing federal regulators to revise policies, remove biased guidance, and provide clearer protections for lawful businesses, the Executive Order sends a clear message: financial services are essential infrastructure, not a privilege reserved for the socially accepted. Everyone deserves access, including those whose work may be misunderstood or unfairly maligned.

“While there is still more work to be done, this is a tremendous victory for all those who fought against financial discrimination,” the Free Speech Coalition said in a statement.