President Trump on Wednesday accused the bank of discriminating against conservatives during a live event with the CEOs of one of the country's two largest banks.
In virtual remarks before a group of business leaders at the World Economic Forum in Davos, Switzerland, President and CEO Brian Moynihan asked President Trump economic and monetary policy questions. – Blamed America.
President Trump: “You've done a great job, but I want you to start opening up your banks to conservatives, because a lot of conservatives are frustrated that their banks don't allow them to do business inside their banks.'' “That included a place called Bank of America.''
Mr. Trump is one of many Republican lawmakers and officials who have criticized a series of politically motivated decisions by some large financial companies.
Virginia Attorney General Jason Miyares Accusation against Bank of America Last year, it canceled the accounts of Christian mission groups and refused to do business with gun manufacturers, fossil fuel energy companies and companies with contracts with U.S. Immigration and Customs Enforcement (ICE).
Bank of America was also one of several banks torn apart by Republicans for restricting relationships with gun companies.
A Bank of America spokesperson on Wednesday disputed President Trump's comments, saying, “We serve more than 70 million customers, welcome conservatives, and are not a political litmus test.'' No,” he said.
President Trump also accused JPMorgan Chase and CEO Jamie Dimon of discriminating against conservatives.
A JPMorgan Chase spokesperson told The Hill in a statement that the bank has “never and will never close any accounts for political reasons.”
The spokesperson continued: “We have long maintained that there are issues with the current framework that the U.S. government must address, following the guidance of the law and regulatory authorities.” “We welcome the opportunity to work with the new administration and Congress on ways to remove regulatory ambiguity while preserving our nation's ability to combat financial crime.”
Mr. Dimon himself called for clearer, more transparent guidelines for how banks should deal with politically sensitive issues.
“There should be much clearer lines around what we have to do and what we don’t have to do,” Dimon said in bank comments.Unshakeables”This week’s podcast. “We've been complaining about this for years. We need to fix it.”
