Trump administration seeks to prevent big banks from dropping fossil fuel companies

Large U.S. banks can’t restrict specific industries from access to lending and other financial services, the Office of the Comptroller of the Currency said in a proposed rule Friday, a response to outcry from Republican lawmakers that banks were declining to support fossil fuel companies.

Under the proposed rule, big banks must allow fair access for banking services to all companies. A large bank can decide to deny services only based on an “objective” risk-based assessment of the individual person or company, the proposal says.

While the proposed rule applies...