Sen. Kennedy Questions Federal Reserve on Conservative Bank Deposits
At a recent hearing, Senator John Kennedy, a Republican from Louisiana, pressed Federal Reserve officials regarding the removal of bank accounts held by conservatives. His inquiry came after President Donald Trump criticized Bank of America CEO Brian Moynihan in January 2025 for supposedly “debanking” conservatives over their political views.
During the Senate Banking Committee session, Kennedy specifically questioned Michelle Bowman, the vice chair for oversight, about the Federal Reserve’s stance on allowing banks to close accounts of conservatives and gun manufacturers. “What on earth were the Feds and other institutions thinking when they allowed banks to debit customers’ direct debits because of reputational risk? Are you kidding? Why would they allow that?” Kennedy expressed his frustration.
He went on, “I mean, do you think that’s fair? Senator Warren isn’t here, so I’m hesitant to talk about it, but she’s a well-respected figure from Harvard. Some people, however, may not be fans of her or her political views. I’m using her as a hypothetical example—how could you permit a bank account to be canceled simply because of someone’s politics? This could apply to gun manufacturers, oil, and gas sectors, too.” His tone was increasingly incredulous as he questioned the thought process behind these actions.
In her memoir, Melania Trump mentioned that she and her son, Barron, had their bank accounts closed but didn’t specify which bank was responsible. Additionally, Trump announced plans to sue JPMorgan Chase after the events of January 6, 2021.
Bowman acknowledged Kennedy’s concerns, saying, “I appreciate your concern and share it. I wasn’t vice chair when that decision was made.” Kennedy, unfazed, retorted, “I know that. But your institution went along with it. The banks proposed it, and your institution accepted it.” He emphasized his discontent over the situation.
In defense, Bowman responded, “In my opinion, debanking is never an appropriate activity. Every American should have access to financial services, and no one should be restricted based on political or religious beliefs.” She stressed that legal involvement in certain objectionable businesses shouldn’t lead to account closures.
Notably, the Obama administration had previously initiated Operation Chokepoint, which pressured banks to deny financial services to companies in the firearms industry. Although the practice ended during the first Trump administration, some banks continued imposing restrictions on these companies well beyond that period.
