White House Drafts Executive Order on Bank Discrimination

The White House is reportedly crafting an executive order aimed at banks that may discriminate against customers based on their political views, according to the Wall Street Journal. This order is set to assess whether banks are violating federal laws by canceling accounts of conservative clients.

Sources have indicated that, if everything goes according to plan, President Donald Trump could sign the executive order within the week. This information comes from a draft the Journal obtained, unveiling intent to take action against what has been termed “debanking.” The White House has not provided any comments regarding the matter, as stated by the Daily Caller News Foundation.

Interestingly, the news emerged on the same day that Trump expressed his dissatisfaction in an interview with CNBC about two major banks refusing to work with him. However, he didn’t specify when these incidents occurred. He claimed that Jpmorgan Chase had informed him it would take 20 days to transfer “hundreds of millions of dollars” to another bank and that Bank of America denied him the ability to open an account to deposit over $1 billion.

A spokesperson for Jpmorgan said they won’t shut down accounts for political reasons and echoed Trump’s call for regulatory changes, indicating a long-standing commitment to this issue. Bank of America, while not directly responding to Trump’s claims, showed support for the administration’s regulatory initiatives. They stated their willingness to collaborate with the government to enhance the regulatory framework they operate under.

Notably, Republican Attorneys General have previously taken action against banks regarding “debanking” practices, indicating a growing concern within the party over financial institutions’ treatment of conservative clients.

In related developments, Trump’s former attorney, John Eastman, revealed that he left two major banks after facing backlash for his advocacy regarding the 2020 election. Meanwhile, investor Mark Andreessen pointed out that various financial institutions have targeted “political enemies” and tech startups, particularly in the cryptocurrency space.

The envisioned executive order reportedly highlightsBank of America’s closure of accounts for a Christian group in Uganda, asserting that the account was canceled due to the group operating outside the U.S.