The White House is preparing an executive order that threatens fines for banks that deny services on political grounds, citing the experiences of conservative groups and crypto companies, The Wall Street Journal reported Monday.
Trump alleged in a CNBC interview that JPMorgan Chase dropped him as a personal banking customer without explanation and Bank of America also would not take him on as a client.
“The banks discriminated against me very badly, and I was very good to the banks,” Trump said.
Trump said he had hundreds of millions of dollars in his accounts when JPMorgan Chase notified him they were cutting him loose.
JP Morgan Chase denied it was over political bias, but agrees there needs to be regulations and would like to work with President Trump on the executive order.
Bank of America also denied they dropped people for political reasons.
The president said financial institutions were discriminating against “many conservatives,” including Trump supporters whom he said he’d consulted on the topic. “I believe what they did is they went to the regulators,” he said.
“Banks are not afraid of anything but a regulator. Their regulators and their wives. They’re more afraid of their wives than the regulators,” he said.
The banks have debanked Melania’s charity and many gunmakers were debanked at the seeming behest of then-Attorney General Eric Holder. Many other people were debanked who were also conservatives. Banks need to give reasons so people can sue them.
