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President Donald Trump is expected to sign an executive order cracking down on “debanking,” a practice in which financial institutions allegedly deny services to customers based on political or ideological beliefs.
The directive, reported by the Daily Signal, would require federal bank regulators to investigate whether institutions have violated the Equal Credit Opportunity Act, antitrust statutes or consumer financial protection laws when closing or denying accounts to individuals or groups based on their viewpoints.
The move comes amid growing conservative criticism that major banks are discriminating against customers with conservative political or religious affiliations.
Trump pointed to his own experiences as an example, telling CNBC on Tuesday that he was mistreated by banking leaders who had previously supported him while he was in office.
“[The CEO of Bank of America] was kissing my a– when I was president, and when I called him after I was president, to deposit $1 billion-plus and a lot of other things … ‘No, we can’t do it,’” Trump said. “That’s because the banks discriminated against me very badly. And I was very good to the banks. I had the greatest economy in the history of our country when I was president.”
Trump also accused JPMorgan Chase of abruptly forcing him to move large sums of money.
“They told me I had 20 days to move hundreds of millions of dollars in cash,” he said. “No explanation.”
JPMorgan Chase has denied political bias, issuing a statement that read: “We don’t close accounts for political reasons, and we agree with President Trump that regulatory change is desperately needed. We commend the White House for addressing this issue and look forward to working with them to get this right.”
A case concerning a Christian ministry from 2023 is currently in a legal battle.
“Everyone needs access to basic financial services. Shutting people out because of their political or religious beliefs? That’s not just wrong—it’s un-American,” said Alliance Defending Freedom senior counsel Brian Knight, who is representing Indigenous Advance Ministries in one related case.
Trump’s executive order is expected to authorize penalties for institutions found to have engaged in viewpoint-based discrimination. Potential consequences include monetary fines, consent decrees, or other disciplinary actions.
