Private prison giants GEO Group and CoreCivic, which operate over half of the US's private detention facilities, are waging a fierce lobbying battle to prevent some of America's biggest banks from cutting ties with them.
The two firms have long been plagued by allegations of human rights abuses and poor conditions within their facilities. In recent years, several major Wall Street banks - including JPMorgan Chase and Wells Fargo - have distanced themselves from private prisons, citing concerns about the companies' treatment of detainees and the broader impact on communities.
However, GEO Group and CoreCivic are now fighting back with a concerted effort to pass legislation that would prevent banks from denying services to institutions or individuals involved in "politically unpopular businesses." The Fair Access to Banking Act, which is currently pending in Congress, would essentially shield private prisons from financial repercussions for their business practices.
The move has been met with criticism from civil liberties advocates, who argue that it would only serve to embolden the companies' worst tendencies. "Private prisons profit purely from locking people up, but the market is not immune to public accountability," said Eunice H. Cho, a senior counsel at the American Civil Liberties Union's National Prison Project.
GEO Group and CoreCivic have already spent millions on lobbying efforts, with GEO alone shelling out $3.3 million in 2024 for lobbying activities related to the bill. The companies' efforts are being backed by prominent D.C. firms and their own in-house government relations experts.
The legislation would give private prisons access to fresh lines of credit that could help them build new facilities at a faster pace, cashing in on a higher demand for ICE detention facilities. Critics argue that this would be a major boon for companies that have already been accused of treating detainees with contempt.
In June, even before President Trump signed an executive order empowering federal banking regulators to monitor financial institutions that denied services to clients based on "politically unpopular businesses," Bank of America reinstated CoreCivic as its client. The bank has maintained that it will not change its policy of freezing out private prisons despite the new legislation.
If the Fair Access to Banking Act passes Congress, banks may have limited choice but to do business with private prisons. For detainees like Cho, this could be disastrous. "It's unsurprising they're looking to protect ways to expand those funds," she said. "But for detainees, this can have serious implications."
The two firms have long been plagued by allegations of human rights abuses and poor conditions within their facilities. In recent years, several major Wall Street banks - including JPMorgan Chase and Wells Fargo - have distanced themselves from private prisons, citing concerns about the companies' treatment of detainees and the broader impact on communities.
However, GEO Group and CoreCivic are now fighting back with a concerted effort to pass legislation that would prevent banks from denying services to institutions or individuals involved in "politically unpopular businesses." The Fair Access to Banking Act, which is currently pending in Congress, would essentially shield private prisons from financial repercussions for their business practices.
The move has been met with criticism from civil liberties advocates, who argue that it would only serve to embolden the companies' worst tendencies. "Private prisons profit purely from locking people up, but the market is not immune to public accountability," said Eunice H. Cho, a senior counsel at the American Civil Liberties Union's National Prison Project.
GEO Group and CoreCivic have already spent millions on lobbying efforts, with GEO alone shelling out $3.3 million in 2024 for lobbying activities related to the bill. The companies' efforts are being backed by prominent D.C. firms and their own in-house government relations experts.
The legislation would give private prisons access to fresh lines of credit that could help them build new facilities at a faster pace, cashing in on a higher demand for ICE detention facilities. Critics argue that this would be a major boon for companies that have already been accused of treating detainees with contempt.
In June, even before President Trump signed an executive order empowering federal banking regulators to monitor financial institutions that denied services to clients based on "politically unpopular businesses," Bank of America reinstated CoreCivic as its client. The bank has maintained that it will not change its policy of freezing out private prisons despite the new legislation.
If the Fair Access to Banking Act passes Congress, banks may have limited choice but to do business with private prisons. For detainees like Cho, this could be disastrous. "It's unsurprising they're looking to protect ways to expand those funds," she said. "But for detainees, this can have serious implications."
like what's next? shielding them from criticism for exploiting workers or something? i feel bad for all the detainees who could be affected by this new legislation - its already hard enough being locked up without having to worry about your basic human rights being stripped away too...
like how cant these corps just admit they been treatin ppl bad in their prisons and apologize? instead they tryin 2 lobby congress to do there dirty work 4 them lol and its not like this bill gonna help nobody except the prisons themselves. its all about profit fam, even if it means keepin people locked up without a care 
. These companies are basically profiting off people's suffering and now they're trying to shield themselves from accountability? It just doesn't sit right with me. I mean, shouldn't we be looking out for each other, not just lining our pockets? The fact that these big banks are starting to distance themselves from private prisons is a good sign, but if this new legislation passes, it's like they're saying "hey, we're not going to rock the boat" 
they're trying to pass a law that would make it easier for them to get loans and build more prisons, but what about the people who are actually stuck in those prisons? shouldn't we be thinking about their rights too? 
I don't get why banks can't just choose not to do business with companies that have such a bad track record... like, isn't that how free markets are supposed to work? 
anyway, i'm worried about what this law would mean for people in prison and the people who care about them 
. The problem is, the big circles got their hooks into the private prison companies like GEO Group and CoreCivic, and now they're trying to keep those hooks from being pulled out 
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. It's like giving the companies a big ol' get-out-of-jail-free card 
. The American Civil Liberties Union is right, private prisons should be held accountable for their actions 
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" You know what the problem is? These private prison companies just won't take responsibility for their actions! They're trying to pass legislation that would basically let them get away with whatever they want, and it's just not right. The fact that they're shelling out millions on lobbying efforts shows you how powerful they think they are, but in reality, they're just showing us what kind of "business practices" we're willing to tolerate. It's up to us to make sure they don't get away with this! 
it makes me wonder if we should be encouraging more transparency in how ppl are treated in those places? maybe instead of shielding them from accountability, we could be using this as an opportunity to improve conditions and treatment? 
. Can we please just make sure that everyone is held to the same standard when it comes to treating detainees with respect and dignity?! 
it's like they think they can just buy off the system and keep on profiting from locking people up without any consequences 
And what about the detainees who are already suffering because of these companies' practices? It's not like they're going to get any help from the banks if this bill passes...