Candeub is arguing here that corporations are using their economic power in ways that could threaten democracy itself, but fails to give any examples of what he’s talking about. He criticizes the use of ESG criteria, which are standards for measuring a company’s environmental impact, social responsibility, and governance practices. He suggests that when these requirements are imposed on corporations, they can interfere with free markets and limit business decisions.

“De-banking” refers to the practice of financial institutions refusing to offer services to certain industries or individuals. He gives no examples of this, either.

Candeub also refers to the influence of big tech companies in shaping or moderating political discourse, seeming to argue that when these companies control or influence public debate, it can harm democratic processes and civil liberties.

He concludes by warning that these practices, if unchecked, could erode the fundamental principles of liberal democracy (such as free speech, open markets, and equal access) and the rule of law. In his view, without a stable legal framework that applies fairly to everyone, markets themselves will suffer, potentially leading to economic instability.

I couldn’t find a single example of a U.S. Bank “De-banking” an entire industry, and the cited examples of individuals being “de-banked” occurred mostly in Canada and the U.K.

Full contextual analysis of Section 5.4: Federal Trade Commission here.