Van Hollen, Manchin, Tillis, Coons Reintroduce Bipartisan Fair Hiring in Banking Act
U.S. Senators Chris Van Hollen (D-Md.), Joe Manchin (D-W.Va.), Thom Tillis (R-N.C.), and Chris Coons (D-Del.) reintroduced the bipartisan Fair Hiring in Banking Act to reduce hiring barriers across the financial services sector. The legislation will ensure otherwise highly qualified individuals with minor arrest or conviction records are not prohibited from working in the financial services industry, and expands upon the Fair Hiring in Banking Act previously introduced by Senator Manchin by including credit unions.
“Blocking Americans from good-paying jobs after they’ve served their time or received treatment only makes it more difficult for them to re-enter their communities and support themselves and their families. This bipartisan legislation will help eliminate barriers for those with minor records that prevent highly-qualified workers from obtaining jobs – and help ensure Marylanders receive the second chance they deserve to succeed,” said Senator Van Hollen.
“The drug epidemic continues to ravage West Virginia, and many West Virginians have criminal records related to this epidemic. Even for highly qualified individuals, criminal records make it difficult to be hired for good-paying, long-term jobs, complicating their efforts to reintegrate themselves into society. I am proud to join my bipartisan colleagues to reintroduce the Fair Hiring in Banking Act to reduce hiring barriers in the financial services sector, including for credit unions, and help those who have served their time become contributing members of their community,” said Senator Manchin. “I encourage all of my colleagues on both sides of the aisle to support this important legislation and I will continue my bipartisan efforts to get our bill signed into law.”
“Countless Americans face difficulties reintegrating into the workforce and broader society after minor criminal offenses,” said Senator Tillis. “This bipartisan legislation makes commonsense reforms to promote good-paying employment opportunities in the financial services industry for those seeking a second chance.”
“Americans with minor arrest records or previous convictions often face enormous barriers to reentering the workforce, holding them and their families back and depriving employers of potential talent,” said Senator Coons. “The Fair Hiring in Banking Act gives deserving Americans a second chance to find good-paying jobs in a robust industry while ensuring that Delaware’s banking sector can hire and support high quality workers. I look forward to working with Senator Manchin and our colleagues in Congress to advance this bill into law.”
The bipartisan Fair Hiring in Banking Act will replace the lifetime ban on working in the financial services sector with a seven-year waiting period for individuals with minor criminal records. Additionally, it will create an exception for acts committed before age 21 and at least 30 months prior to employment and clarify that an individual with a criminal record that is expunged, sealed or pardoned will no longer need to seek a Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) waiver before securing employment.
“This legislation would expand employment opportunities and provide a second chance to individuals looking to move past minor criminal offenses that can too often be a barrier. Recruiting employees and retaining talent is an important priority, particularly for credit unions continuously in search of employees committed to the credit union difference,” said Jim Nussle, President and CEO of the Credit Union National Association. “Thank you to Senators Manchin, Tillis, Coons, and Van Hollen for their bipartisan leadership on this issue.”
“It’s a win-win for the country and for banks when rehabilitated people can achieve good-paying banking jobs that give them a second chance for economic advancement. We support this bill, which would clear the path to banking employment for people with minor records. Thanks to Senators Manchin, Tillis, Coons and Van Hollen for prioritizing this important issue,” said Greg Baer, President and CEO of the Bank Policy Institute.
The full text of the bill can be found here.