May 18, 2023 | By Jessica Goedtel, CFP®
Last week I had the honor of participating in the Free Speech Coalition’s fly-in to Capitol Hill in DC. Our goal was to discuss with legislators the effects of banking discrimination in the legal sex work industry.
The issue at hand.
According to the Free Speech Coalition’s recent study, nearly two-thirds of people in the adult industry have lost a financial tool. I’ve heard so many stories of banks and payment processors closing sex workers’ financial accounts with no warning and no explanation. I’ve even blogged about what to do if it happens to you.
Unexpected account closures bring these small businesses to a grinding halt. Payroll stops, hard-earned money gets held up in the system, and owners must scramble to continue business operations.
Free Speech Coalition (FSC) organized the trip. They were founded 30 years ago to protect the rights and freedoms of the adult industry. Along with FSC, we had a variety of different businesses and perspectives. Content creators, sex toy stores, adult business services – almost everyone had a story about bank account closure.
How it went.
We split up into two groups, and in total met with a dozen offices and their key staff. At each meeting, we introduced ourselves and each person shared their story of banking discrimination. Most of the staff we met with were completely unaware that this was even an issue. The reception was overall positive, on both sides of the political spectrum.
By the end, my feet were tired but my spirit was energized. I felt like we made real progress with our discussion, and we took away key feedback to continue our efforts.
*Pavilion Financial Planning has no affiliation with any of these institutions and receives no compensation from them.
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