Catenaa, Friday, August 08, 2025-President Donald Trump accused major US banks of politically motivated discrimination Tuesday and signaled plans to issue an executive order cracking down on so-called “debanking” practices.1
Speaking to CNBC, Trump claimed without evidence that JPMorgan Chase and Bank of America refused to accept his deposits following his first term. “I had hundreds of millions…and they told me, ‘I’m sorry sir, we can’t have you,’” Trump said.
He alleged he was forced to spread cash among small banks nationwide.
The White House is preparing an executive order directing regulators to investigate financial institutions for potential violations of consumer protection and antitrust laws related to politically driven account closures, according to a draft reviewed by Reuters.
The order could include monetary penalties and consent decrees for violators.
JPMorgan denied closing accounts for political reasons and said it welcomed regulatory clarity. “We agree with President Trump that regulatory change is desperately needed,” the bank said.
Bank of America echoed support for efforts to reform banking rules but declined to comment on Trump’s claims.
The issue of reputational risk, long used by regulators to assess bank decisions, has drawn increasing criticism. The Federal Reserve moved in June to end its use of reputational risk in bank examinations.
Banking industry leaders argue the core issue lies in regulatory overreach.
The Bank Policy Institute stated, “The heart of the problem is regulatory overreach and supervisory discretion.”
The report report said that The White House declined to comment on the pending order, which could be unveiled as early as Wednesday.
- https://www.reuters.com/world/us/white-house-target-banks-trump-claims-discrimination-2025-08-06/[↩]
