Trump vows to issue executive order to stop “debanking” of conservatives

• In a CNBC interview, President Donald Trump claimed that JPMorgan Chase forced him to move hundreds of millions of dollars and that Bank of America later rejected a $1 billion deposit, citing politically motivated “debanking.”
• Trump announced plans to sign an executive order targeting banks that engage in alleged ideological discrimination, particularly against conservatives, crypto firms and religious groups.
• The order would direct federal regulators to investigate violations of the Equal Credit Opportunity Act, antitrust laws and consumer protection statutes, with potential penalties including fines and consent decrees.
• Trump’s claims reflect broader concerns among conservatives about banks using vague compliance standards to deny services based on political or religious views.
• JPMorgan Chase and Bank of America deny engaging in politically motivated account closures but expressed support for Trump’s push for clearer and updated financial regulations.

President Donald Trump has vowed that he will soon sign an executive order targeting politically motivated “debanking” practices by major financial institutions.

In a live interview with CNBC‘s “Squawk Box” on Tuesday, Aug. 5, Trump revealed that JPMorgan Chase allegedly gave him 20 days to move “hundreds of millions of dollars in cash” to another bank, without offering specifics on when or why the notice was issued. Following the move, Trump said he attempted to deposit “a billion dollars-plus” with Bank of America, but was turned away.

“Bank of America CEO Brian Moynihan said, ‘We can’t do it,'” Trump said. “So I went to another one, another one, another one. I ended up going to small banks all over the place. I mean, I was putting $10 million here, $10 million there, the craziest thing. And it’s lucky I even had them. They were doing me a favor and that’s because the banks discriminated against me very badly, and I was very good to the banks. Had the greatest economy in the history of our country when I was president. And by the way, our economy now will blow that away, as you see it happening.”

Trump is not alone in this, as conservatives continue to raise concerns about so-called “debanking,” a practice they say disproportionately affects right-leaning individuals, cryptocurrency businesses and faith-based organizations. They claimed that large financial institutions are using vague compliance justifications to deny services based on ideological bias.

In line with this, Trump vowed to sign an executive order this week that will direct federal regulators to investigate and penalize banks that violate the Equal Credit Opportunity Act, which prohibits discrimination in the extension of credit. It also directs scrutiny under antitrust laws and consumer financial protection statutes, with violations to be reported to the U.S. Attorney General in some cases.

Regulators would be urged to eliminate any existing policies that may have contributed to politically or religiously motivated debanking. Additionally, the Small Business Administration would be tasked with reviewing its loan guarantee program for discriminatory banking practices. Banks found in violation of the order could face fines, consent decrees and other disciplinary actions.

“They discriminate against many conservatives. I think the word might be Trump supporters more than conservatives,” Trump said.

JPMorgan Chase and Bank of America deny political bias

Both JPMorgan Chase and Bank of America have denied closing accounts for political reasons.

“We don’t close accounts for political reasons, and we agree with President Trump that regulatory change is desperately needed,” a JPMorgan spokesperson said. “We’re pleased to see the White House is addressing this issue, for which we’ve been advocating for many years, and look forward to working with them to get this right.” (Related: JPMorgan Chase CEO Jamie Dimon backs President Donald Trump’s tariff proposals .)

Meanwhile, Bank of America did not address Trump’s specific allegations but expressed support for efforts to streamline financial regulation.

“We welcome the Trump administration’s efforts to provide regulatory clarity to banks,” Bank of America said. “We’ve provided detailed proposals and will continue to work with the administration and Congress to improve the regulatory framework.”

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More related stories:

National Australia Bank now debanking customers for “mean” speech.

Bank of America is an active enemy combatant targeting conservatives for financial deplatforming.

DEBANKING SPREE: UK banks are closing more than 1,000 accounts a day with little explanation.

Sources include:

TheNationalPulse.com

CNBC.com

MSN.com 1

MSN.com 2

MSN.com 3

Brighteon.com