US President Donald Trump on Tuesday, August 5, accused major U.S. banks of refusing to do business with him due to his conservative political views, a claim that echoes long-standing complaints from right-wing figures about alleged discrimination.
“They discriminate against many conservatives,” Trump said during an interview on CNBC. He also hinted that an executive order addressing the issue may be in the works.
Trump claimed that both JPMorgan Chase and Bank of America rejected him after his presidency, allegedly in retaliation for his political stance and the events surrounding the January 6, 2021, Capitol riot.
According to Trump, JPMorgan Chase gave him a 20-day notice to close his accounts. He also said that when he attempted to open accounts at Bank of America “after I was president,” the bank refused.
“I personally spoke with [JPMorgan CEO] Jamie Dimon and [Bank of America CEO] Brian Moynihan,” Trump said. “Brian was kissing my ass when I was president, and when I called him after I was president to deposit a billion dollars plus and a lot of other things, he said, ‘We can’t do it.’”
Bank of America declined to comment directly on Trump’s statements but reiterated that political beliefs do not factor into decisions about customer accounts. The bank also noted it had worked with the Trump administration in the past to improve regulatory clarity.
JPMorgan likewise said it does not close accounts based on political views. While the bank did not comment on Trump’s specific claims, it issued a statement saying: “We’re pleased to see the White House is addressing this issue, for which we’ve been advocating for many years, and look forward to working with them to get this right.”
According to the Wall Street Journal, the White House is preparing an executive order aimed at curbing what it sees as politically motivated financial discrimination by large banks. The draft reportedly criticizes the role certain financial institutions played in cutting ties with clients following the January 6 incident. The order could be signed as soon as this week, though officials caution that plans may still change.
