White House Plans Bank Regulation Over Alleged Political Discrimination
The White House prepares executive action to investigate alleged political discrimination by banks, following Trump's claims of being denied services by major financial institutions.
US Treasury building and bank headquarters symbolizing federal oversight of banking industry
The Biden administration is preparing executive action to address allegations of politically motivated banking practices, following claims by former President Donald Trump that major financial institutions discriminated against him and his supporters.
Executive Order Details and Banking Industry Impact
According to sources familiar with the matter, the White House is drafting an executive order that would direct regulators to investigate banks for "politicized or unlawful debanking" practices. This development comes amid broader concerns about economic policy uncertainty under the current administration.
Trump's Claims Against Major Banks
In a recent CNBC interview, Trump alleged that both JPMorgan and Bank of America refused his deposits after his presidency. He claimed to have maintained "hundreds of millions" in multiple accounts before being given 20 days to withdraw his funds. These allegations come as Trump continues to shape economic policy discussions despite leaving office.
"They totally discriminate against, I think, me maybe even more, but they discriminate against many conservatives," Trump stated during the interview.
Banking Industry Response
JPMorgan has publicly denied making account decisions based on political affiliations, stating: "We don't close accounts for political reasons." The bank's response highlights ongoing tensions between financial institutions and regulatory oversight.
Potential Implications
The proposed executive order could authorize monetary penalties and other disciplinary measures against violating institutions. This regulatory action raises questions about the intersection of banking practices, political influence, and consumer protection in America's financial system.
Rachel Whitman
Rachel L. Whitman is a political columnist and investigative journalist based in Washington, D.C. Her writing focuses on democratic resilience, civil rights, and the intersection of technology and public policy. With a background in law and public affairs, she brings sharp analysis and a deep commitment to progressive values.