LETTER: ANC out to rule the banks
The Promotion of Equality & Prevention of Unfair Discrimination Act could see the collapse of the banking sector
06 May 2021 - 16:57
Draft amendments to the Promotion of Equality & Prevention of Unfair Discrimination Act reveal the heart of the ANC’s vision for SA. If enacted and fully enforced banks, for example, will be required to provide equal resources, such as loans, by race, sex, gender and so on.
Sounds fair, surely? But a moment’s thought reveals that if the act were to be implemented banks will not be permitted to adopt any criteria at all to decide who qualifies for loans. They will have to lend to anyone who asks for a loan. Ability to repay will not be an issue...
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