The White House is preparing to order regulators to investigate US banks for politicized or unlawful debanking practices. Donald Trump claimed that financial institutions, notably Bank of America and JPMorgan Chase, discriminated against him and his supporters. He reported that JPMorgan Chase refused to accept his deposits after his presidency, stating he had to turn to smaller banks instead. Trump alleged that the Biden administration encouraged this discrimination without providing evidence. JPMorgan responded, emphasizing they do not close accounts for political reasons despite Trump's concerns.
The order instructs regulators to review banks for politicized or unlawful debanking practices, according to a draft reviewed by Reuters.
Trump stated that banks discriminate against him and his supporters, citing specific refusals from Bank of America and JPMorgan Chase to accept his deposits.
Well, they did discriminate, Trump said of actions taken by JPMorgan Chase after his first term in office.
In a statement, JPMorgan did not address the president's specific claim that it had discriminated against him, asserting they don't close accounts for political reasons.
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