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For years, conservatives warned that America’s most powerful corporations were colluding with the government to muzzle free speech, cut off financial services, and marginalize half the country. A corporate deep state if you will.

We were dismissed as paranoid, told that Silicon Valley’s algorithms were neutral and Wall Street’s policies were “standard procedure.” Now, as the political winds shift, Big Tech and Big Banks are admitting, at least partially, that conservatives were right all along.

Recent testimony to Congress confirms what many of us experienced firsthand: under President Biden, technology giants systematically censored conservative voices, throttled their reach, and suppressed stories that challenged the administration’s narrative. At the same time, major financial institutions quietly “de-banked” conservatives, closing their accounts, freezing access to funds, or refusing to do business with them altogether. It wasn’t an accident. It was ideological discrimination dressed up as “misinformation policy” or “risk management.”

Now, with a new political era dawning, these same companies are suddenly singing a different tune. Tech executives claim they are revising content moderation policies to ensure more balance. Bank CEOs assure lawmakers they have learned from past mistakes and won’t engage in politically motivated de-banking again. But conservatives should ask a simple question: are these reforms real, or just corporate window dressing designed to avoid accountability?

The evidence of systemic bias is overwhelming. Platforms throttled reporting on the Hunter Biden laptop story, labeling it “Russian disinformation” in the critical days before the 2020 election. Conservative commentators, from sitting members of Congress to grassroots activists, found themselves shadowbanned or de-platformed entirely. Even satire, memes, or religious expression was treated as dangerous “hate speech” if it came from the right.

Meanwhile, banks and payment processors targeted individuals and organizations tied to conservative causes. Pro-life groups had transactions blocked. Firearms-related businesses found their accounts abruptly closed. Commentators who spoke out against government COVID mandates discovered their personal banking privileges revoked. The excuse was always vague: “violations of terms of service,” “risk to our brand,” or “compliance concerns.” In reality, it was ideological policing.

These weren’t isolated cases. They represented a coordinated environment in which government pressure and corporate power worked hand in hand to stifle dissent. The Biden White House didn’t even try to hide it, bragging about “flagging misinformation” to social media companies. Banks were encouraged to align with “environmental, social, and governance” (ESG) policies that almost always penalized conservatives.

Now, under pressure from Congress and amid fears of new regulation, the same corporations are making a show of reform. Facebook, YouTube, and others say they are loosening restrictions. Some banks have issued quiet statements about respecting viewpoint diversity. But let’s be honest, why should conservatives believe them?

These reforms are reactive, not proactive. They didn’t come because corporate leaders suddenly rediscovered the First Amendment or the importance of free markets. They came because the political balance is shifting, the public is angry, and lawsuits are piling up. That’s self-preservation, not conviction.

The reforms are also superficial. Social media companies have announced policy tweaks, but their content moderation teams remain staffed by the same ideologically uniform activists who enforced the old rules. Banks continue to embrace ESG frameworks that punish industries tied to conservative values, from energy to firearms. Nothing fundamental has changed.

This isn’t the first time we’ve seen Big Tech try to rewrite history. Their so-called mea culpa began with symbolic gestures like donations to President Trump’s inauguration, but that was just a temporary hedge against political backlash. In practice, these corporations doubled down on building ideological infrastructures that reflect the values of their liberal executives and activist employees. They’ve created entire organizations, departments, and enforcement mechanisms to advance those values.

And there’s no accountability. No one at the top of these corporations has been fired, demoted, or even admitted wrongdoing. In fact, many executives still justify their past actions as “responsible corporate citizenship.” These leaders are young, entrenched, and perfectly willing to play the long game. They believe they can wait out the current Republican surge, which is largely powered by executive orders and oversight hearings rather than structural legislative change. Unless there’s a shift in leadership and governance, conservatives should expect more of the same, just with better public relations packaging.

The conservative movement cannot afford to accept these empty promises at face value. The cost of complacency is too high. If we let corporations write their own redemption stories without scrutiny, the cycle will repeat itself the next time Democrats control Washington.

Congress must continue aggressive oversight. Hearings, subpoenas, and legislation should shine a bright light on how these abuses occurred and prevent them from happening again. Transparency requirements for content moderation, clear prohibitions against political discrimination in banking, and penalties for government-corporate collusion must be part of the solution.

Conservatives should also build alternatives. The rise of independent platforms, payment processors, and news outlets proves there is both a demand and a business opportunity for companies that respect free speech and fair play. Competition is the most effective antidote to corporate monopoly.

And we must keep up with cultural pressure. Corporations are sensitive to brand image and public perception. When Big Tech or a bank engages in ideological discrimination, conservatives must be relentless in exposing it and rallying others to withdraw support. Sunlight is still the best disinfectant.

This is bigger than social media posts or checking accounts. It’s about whether Americans can participate in public life without fear of corporate punishment for their beliefs. If a handful of tech executives and bankers can decide whose voice counts and whose livelihood is secure, democracy itself is compromised.

Big Tech and Big Banks want us to believe they’ve turned the page. But until we see meaningful reform, genuine accountability, and an end to double standards, conservatives must remain skeptical. The same institutions that silenced us under Biden cannot be trusted to police themselves now.

The lesson is simple: freedom isn’t something corporations give back once they’ve taken it. It’s something citizens must demand, defend, and never compromise on again.

Bill Flaig and Tom Carter are the Co-Founders of The American Conservatives Values ETF Learn more at www.InvestConservative.com

For a list of ACVF Fund holdings:  https://acvetfs.com/fund/acv-etf-fund-data/

The views expressed are those of the authors as of 10/10/25 and are subject to change without notice. These opinions are not intended to be a forecast of future events, a guarantee of results, or investment advice.