Trump to Sign Order Penalizing Banks That Discriminate Against Conservatives

This article was originally published by The Epoch Times: Trump to Sign Order Penalizing Banks That Discriminate Against Conservatives

Former President Donald Trump has announced his intention to sign an executive order this week targeting financial institutions that he claims have engaged in discriminatory practices against conservatives. This declaration was made during an interview with CNBC’s “Squawk Box” on August 5.

Trump pointed fingers at major banking giants like JPMorgan Chase and Bank of America, alleging that they severed ties with him in the aftermath of the 2020 election. “To give you a personal example,” he lamented, “I had hundreds of millions in assets and numerous accounts brimming with cash. Yet, I was told: ‘I’m sorry, sir, we can’t have you. You have 20 days to vacate.’”

In his discourse, Trump specifically mentioned the CEOs of these banks, Jamie Dimon and Brian Moynihan, as he recounted his experience of being forced to move his funds to smaller banks due to their refusal to serve him. “I was hopping from one small bank to another, depositing millions here and there,” he stated.

This alleged treatment, according to Trump, is not an isolated incident but rather a widespread issue affecting many conservative individuals, particularly his supporters. The Wall Street Journal reported that the upcoming executive order will focus on banks accused of discriminating against conservatives and cryptocurrency businesses.

Trump further claimed that his political adversaries have pressured banking regulators to target him, asserting that banks “fear nothing but a regulator.” He accused the previous administration of instructing financial authorities to “destroy Trump.”

In response to these allegations, a spokesperson for JPMorgan Chase stated: “We don’t close accounts for political reasons and agree with President Trump that regulatory changes are essential.” Meanwhile, Bank of America maintained its stance, insisting that it serves a diverse clientele of over 70 million individuals and does not discriminate based on political beliefs.

Conservatives Allege Discrimination

The narrative of conservative discrimination by banks has persisted for years, with many alleging that financial services have been denied for political or religious reasons. John Eastman, a constitutional scholar and former Trump attorney, expressed optimism regarding the executive order, suggesting it may unveil the motivations behind banks’ decisions. He recounted his own experiences of allegedly being denied services by Bank of America and USAA due to his representation of Trump post-2020 election.

Despite the ongoing allegations, Bank of America’s spokesperson, Bill Halldin, has denied any wrongdoing, stating that political views do not factor into account closures. He emphasized that privacy rules prevent the bank from commenting on specific client accounts.

This is not the first time Trump has voiced concerns about banking discrimination. In a video address to the World Economic Forum in Davos, Switzerland, he urged banks to welcome conservatives, questioning whether regulatory pressures from the Biden administration influenced their decisions.

Last year, an investor group led by fund manager David Bahnsen pushed JPMorgan Chase to address the issue of political de-banking after accusations surfaced regarding the closure of accounts for a conference featuring Donald Trump Jr. The bank later reversed the decision made by its subsidiary, WePay.

Both Bank of America and JPMorgan Chase continue to refute claims of political bias. In April 2024, a coalition of 15 state attorneys general alleged that Bank of America conditioned access to its services based on customers’ political or religious views, citing vague criteria for terminating banking relationships. These allegations included the bank’s history of denying services to gun manufacturers and cooperating with federal agencies to profile conservative individuals.

In a notable legislative move, Tennessee recently passed a law prohibiting political and religious discrimination by banks and insurance companies against state residents, a move that reflects a growing concern over such practices.

Both Trump and his wife have alleged that they were denied banking services for political reasons in recent years. In 2021, Bank United and Professional Bank in Florida closed Trump’s accounts, while Signature Bank and Deutsche Bank ended their relationships with him following the January 6 Capitol breach.

In her autobiography, Melania Trump recounted her surprise at being denied banking services, stating, “I was shocked and dismayed to learn that my long-time bank decided to terminate my account and deny my son the opportunity to open a new one.”

Kevin Stocklin contributed to this report.

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