Today, Congresswoman Maxine Waters (D-CA), the Ranking Member on the House Financial Services Committee, and Congressman Jamie Raskin (D-MD), the Ranking Member on the House Judiciary Committee, sent a letter to Fidelity, Vanguard, and Charles Schwab, demanding answers following reports that the firms restricted charitable donations to the Southern Poverty Law Center (“SPLC”).

In the letter, the Ranking Members warned that the reported actions raise broader concerns about whether powerful financial institutions are beginning to police political advocacy and civil rights organizations based on political pressure or fear of backlash from the Trump Administration. The lawmakers emphasized that allowing financial firms to decide which lawful organizations Americans can support financially could create a dangerous precedent with far-reaching consequences for free expression, civil rights advocacy, and equal access to financial services.

“These reports raise serious concerns about whether financial institutions are beginning to deny services to IRS approved non-profit organizations based on political pressure, ideological disagreement, or fear of retaliation from the Trump Administration,” wrote the Ranking Members.

Moreover, the Ranking Members also highlighted the SPLC’s work and noted that the organization remains legally recognized by the Internal Revenue Service as a tax-exempt nonprofit in good standing. They questioned why financial institutions would move to restrict donations before any court ruling or formal legal determination had been made.

Ranking Members Waters and Raskin added:

“We remain deeply concerned that actions such as those taken by your company could serve as a gateway to broader forms of debanking and financial exclusion. Let us be clear: Americans should not lose access to banking or financial services because of their race, religion, gender, lawful speech, advocacy, affiliations, or political beliefs.”

The lawmakers further noted that Donald Trump himself recently issued an Executive Order stating that no American should be denied access to financial services because of their constitutionally protected beliefs, affiliations, or political views. To better understand the circumstances surrounding the reported restrictions, the lawmakers requested detailed information regarding the firms’ decision-making processes, communications with the Trump Administration or federal agencies, internal policies governing donation restrictions, donor communications, and any coordination with other donor-advised fund platforms.

In closing, the lawmakers also requested that representatives from the firms provide a staff briefing and preserve all documents and communications related to the matter by July 3, 2026.

Read the full letter HERE.

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