Trump Claims JPMorgan and BofA Discriminated Against Conservatives

President Trump accused major financial institutions of political discrimination, alleging that JPMorgan Chase and Bank of America improperly closed accounts belonging to him and other conservatives as the White House prepares an executive order to crack down on the practice.

"They discriminated against many conservatives," said President Trump in a CNBC interview regarding the issue of debanking.

The allegations center on the practice known as debanking, where financial institutions terminate customer relationships. Major lenders have faced pressure from conservative lawmakers and administration officials over claims that political viewpoints influence account access.

During his interview, President Trump stated that JPMorgan Chase gave him 20 days to close his account and that Bank of America subsequently refused to take his business.

How Banks and Regulators Respond

Executives from the accused institutions have pushed back against claims of politically motivated account closures, pointing instead to regulatory burdens and risk management policies.

"We have 70 million consumers, and we're the biggest small business lender. That's not, the issue they're focused on is the regulators impact on this industry," said Bank of America CEO Brian Moynihan, rejecting allegations of bias against conservatives.

JPMorgan Chase similarly stated that it does not close accounts for political reasons, adding that it agrees with Mr. Trump that regulatory change is needed.

Background on Account Closures

The debate over debanking extends beyond high-profile political figures to everyday retail and commercial customers. Over the last three years, more than 8,000 consumers filed complaints with the Consumer Financial Protection Bureau regarding checking, savings, or deposit accounts being improperly closed, according to a Senate committee analysis.

Financial institutions maintain that account closures are routinely executed for compliance, anti-money laundering, or credit risk management purposes rather than ideological alignment. However, critics argue that lack of transparency in the decision-making process leaves customers with little recourse.

The forthcoming executive order aims to restrict federal agencies from pressuring banks to drop clients based on political or religious beliefs, setting up a direct regulatory clash over how private financial institutions manage customer risk.