Some of the largest banks in the nation for years have eschewed the business of private prison giants like GEO Group and CoreCivic, the two firms that operate more than half the private carceral facilities in the country, including many U.S. Immigration and Customs Enforcement detention centers.

The moves to “debank” the companies, which have been dogged by reports of rights abuses, came after the banks’ reviews of their environmental, social, and governance policies, which included site visits and meeting with civil rights leaders. According to a nonprofit report, the moves by banks, including JPMorgan Chase and Wells Fargo, cost the prison companies billions in potential financing.

“Private prisons profit purely from locking people up, but the market is not immune to public accountability.”

Now, the private prison firms are fighting back, spending millions on lobbying Congress to pass a law to require that the banks can’t deny their business.

The two prison giants spent millions lobbying for legislation known as the Fair Access to Banking Act, a pending bill that seeks to prevent banks from denying access to institutions or people including those involved in “politically unpopular businesses but that are lawful under Federal law.” A press release marking the bill’s introduction last year said, “The legislation requires that lending and services decisions must be based on impartial, risk-based analysis, not political or reputational favoritism.”

Civil liberties advocates have criticized the legislation.

“Private prisons profit purely from locking people up, but the market is not immune to public accountability,” said Eunice H. Cho, a senior counsel at the American Civil Liberties Union’s National Prison Project who has represented immigration detainees housed in privately operated ICE facilities. “Consumer advocacy........

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