The private prison industry's fight to stay afloat has taken an unexpected turn: millions of dollars spent lobbying Congress to pass a law that would prevent banks from denying services to companies involved in "politically unpopular businesses" - namely, the two largest players in the sector, CoreCivic and GEO Group.
These two firms, which operate over half of the private detention centers in the US, have long been dogged by allegations of rights abuses and poor conditions. But as their business began to dwindle due to a "debanking" movement led by several major Wall Street banks, they're now fighting back with a vengeance.
According to federal lobbying disclosures, GEO Group spent $3.3 million on lobbying in 2024, including $1.37 million for the Fair Access to Banking Act. CoreCivic shelled out $3.5 million, with a significant chunk - $2 million - going towards pushing for this legislation.
The law would require banks to base lending decisions on "impartial, risk-based analysis" rather than political or reputational considerations. But civil liberties advocates say it's nothing short of a backdoor for the prison industry to expand its operations.
"The market is not immune to public accountability," said Eunice H. Cho, senior counsel at the American Civil Liberties Union's National Prison Project. "Consumer advocacy is a very important part of the democratic process, including economic boycott and protest against corporations. Banks are sensitive to understanding the risks of doing business with harmful industries."
While some major banks have indeed cut ties with private prisons in recent years, others seem less eager to join the movement. JPMorgan Chase, for example, remains frozen out, but has refused to reinstate CoreCivic as a client.
If the Fair Access to Banking Act passes Congress - and there's no guarantee it will - the two companies could find themselves with access to fresh lines of credit that would help them build new facilities at a faster pace. This could have serious implications for immigration detainees, who are already facing record-high numbers behind bars.
As one report put it: "It has been the worst year for immigration detainees in decades." And as they face an uncertain future, one thing is clear: their plight will only continue to worsen if the private prison industry gets its way.
These two firms, which operate over half of the private detention centers in the US, have long been dogged by allegations of rights abuses and poor conditions. But as their business began to dwindle due to a "debanking" movement led by several major Wall Street banks, they're now fighting back with a vengeance.
According to federal lobbying disclosures, GEO Group spent $3.3 million on lobbying in 2024, including $1.37 million for the Fair Access to Banking Act. CoreCivic shelled out $3.5 million, with a significant chunk - $2 million - going towards pushing for this legislation.
The law would require banks to base lending decisions on "impartial, risk-based analysis" rather than political or reputational considerations. But civil liberties advocates say it's nothing short of a backdoor for the prison industry to expand its operations.
"The market is not immune to public accountability," said Eunice H. Cho, senior counsel at the American Civil Liberties Union's National Prison Project. "Consumer advocacy is a very important part of the democratic process, including economic boycott and protest against corporations. Banks are sensitive to understanding the risks of doing business with harmful industries."
While some major banks have indeed cut ties with private prisons in recent years, others seem less eager to join the movement. JPMorgan Chase, for example, remains frozen out, but has refused to reinstate CoreCivic as a client.
If the Fair Access to Banking Act passes Congress - and there's no guarantee it will - the two companies could find themselves with access to fresh lines of credit that would help them build new facilities at a faster pace. This could have serious implications for immigration detainees, who are already facing record-high numbers behind bars.
As one report put it: "It has been the worst year for immigration detainees in decades." And as they face an uncertain future, one thing is clear: their plight will only continue to worsen if the private prison industry gets its way.
They've been accused of some pretty shady stuff like human rights abuses and poor conditions in their detention centers, but now they're trying to strong-arm banks into giving them a hand by lobbying for a law that would let them get fresh lines of credit 
. It's just not right, you know? If this law passes it could mean more people being locked up in these awful facilities, and we can't even say they didn't see it coming 
. Banks are already doing the right thing by cutting ties with them, so why do they need to write a special law to let them back in? 
It's just too much for me...
. meanwhile, immigration detainees are already facing record-high numbers behind bars - it's like they're stuck in a bad cycle 
. i think we need to find a way to address the concerns of both parties and come up with a more sustainable solution that prioritizes accountability and transparency 
.
. I mean, who knew the private prison industry was behind this? They're basically trying to buy off Congress with millions of dollars in lobbying. It's like they're saying, "Hey, we know we've got some sketchy stuff going on over here, but just give us more money and we'll be golden." 
And what's really funny is that the ACLU is talking about how consumer advocacy can help hold corporations accountable... but it sounds like CoreCivic and GEO Group are trying to flip the script. I mean, if they get access to fresh lines of credit, they can just build more detention centers and keep on trucking 
. It's not like anyone's gonna care about the poor immigration detainees, right? The fact that JPMorgan Chase is still out but won't reinstate CoreCivic as a client is pretty interesting too... maybe it's a sign that even some major banks are starting to wake up to what's going on.
The fact that CoreCivic and GEO Group are still pushing this bill is just crazy... what's next, are they gonna try to get bailed out by Congress too? 
like allegations of rights abuses and poor conditions... now they're trying to pass this law that would protect them from being "debanked" again 
and that's just not cool 
. It's like they think they can just buy their way back in, but the thing is, people are not going to stand for this 
. We need more awareness about the conditions in these detention centers and the impact on immigrants 
. If banks start lending to them again, it could lead to more people being trapped behind bars, and that's just not okay 
.
. they're basically saying "don't worry about us doing human rights abuses, just give us the money we need to expand". but honestly, shouldn't banks be worried about what kind of companies they're lending to? 
. but come on, how can this be? its like banks r tryna cover up 4 the prison industry's shady practices 
.
the whole thing feels like a money grab & a slap in the face 2 civil liberties advocates who r tryin 2 expose these companies' shady business practices. get real congress, u gotta stand up 4 what's right here 
. This whole thing is a total win for the prison industry and a loss for humanity 
.
... and it made me think about how cats are like the ultimate symbol of independent thinking, right? I mean, they're not like dogs who need to be trained or anything. They're just like, "I'm gonna scratch this couch if I want to." And that's kinda what's going on with these private prisons - they're just trying to assert their independence from public scrutiny 
... Just kidding (kinda).
.
that's just a fancy way of saying "we'll play nice with you if you do what we want". This whole thing reeks of special treatment and corruption to me... 
. The stakes are high, and it's imperative we continue to scrutinize these power players and hold them accountable 
.
. Like, did you know that 2024 saw the worst year for immigration detainees in decades? 
It's getting really bad out there. I'm not surprised though, given how much the prison industry is profiting off of people in need 
.