Trump appeared on CNBC, indicating support for discourse on banks penalizing clients for political reasons. He accused JPMorgan Chase and Bank of America of discrimination after they refused to handle his business. Some conservatives and crypto executives claim to have been 'debanked' politically, a subject previously addressed by the Senate Banking Committee. Both banks maintain that political factors do not influence their account closures. Industry representatives suggest that anti-money-laundering and reputational risk regulations may be at play. Trump's comments reflect personal grievances linked to his business past.
"We don't close accounts for political reasons, and we agree with President Trump that regulatory change is desperately needed," a JPMorgan spokesperson says.
Trump was a businessman before becoming a conservative politician.
Bank of America CEO Brian Moynihan told CNBC on Tuesday afternoon, adding that the president was on the right issue.
The banking industry has also pointed to anti-money-laundering and reputational risk regulation as possible factors in restricting access.
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