Nancy Wiloson, DigitalWorldwideNews.com, Washington, D.C.
August 5, 2025
President Trump accused JPMorgan Chase and Bank of America of rejecting his business, fueling claims of conservative debanking.
President Donald Trump just claimed in a CNBC “Squawk Box” interview that JPMorgan Chase and Bank of America rejected his business, alleging political discrimination against him and conservative clients. He said JPMorgan gave him 20 days to move “hundreds of millions” in cash, and Bank of America refused over $1 billion in deposits, forcing him to use smaller banks. The claims, made amid plans for an executive order targeting “debanking,” have sparked debate.
Trump alleged that after his first term, JPMorgan Chase closed his accounts, giving him 20 days to withdraw “many, many accounts loaded with cash,” per CNBC. He then approached Bank of America, whose CEO Brian Moynihan had been “kissing my ass” during his presidency, but was refused deposits exceeding $1 billion, per The New York Times. Trump spread the funds across smaller banks, calling the rejections discriminatory and tied to Biden-era regulatory pressure, per Bloomberg. Both banks denied closing accounts for political reasons.
Trump’s remarks align with a planned executive order, reported by The Wall Street Journal, to penalize banks for closing accounts based on ideology, per The Economic Times. The order, expected this week, may direct regulators to probe violations of the Equal Credit Opportunity Act or antitrust laws, authorizing fines or consent decrees, per Bloomberg. Trump’s claims revive conservative grievances about “debanking,” amplified after his January 2025 Davos speech accusing banks of targeting conservatives, per Reuters. X posts, like @EpochTimes, tied the claims to post-2020 election retaliation.
JPMorgan stated, “We don’t close accounts for political reasons, and we agree with President Trump that regulatory change is needed,” per CNBC. Bank of America declined to comment but previously denied political bias, citing compliance with anti-money laundering laws, per Reuters. The Bank Policy Institute, per Reuters, acknowledged regulatory overreach as a debanking cause, welcoming Trump’s push for reform. Analysts, like Raymond James’s Ed Mills, called Trump’s public naming of banks “highly unusual,” signaling potential regulatory shifts, per Reuters.
Globally, the controversy highlights banking regulation tensions. In the UK, a 2023 NatWest scandal saw CEO Alison Rose resign after Nigel Farage’s account closure sparked debanking debates, per Live Mint, though no political bias was found. Germany’s Deutsche Bank, facing U.S. regulatory scrutiny, supports clearer rules to avoid arbitrary closures, per Reuters. Developing nations, like India, view U.S. banking disputes as a cautionary tale for balancing compliance and access, per The Economic Times. X posts, like @OMGno2trump, dismiss the claims as “batshit crazy,” while others support Trump.
In the U.S., distrust in institutions, amplified by Trump’s populist rhetoric, fuels conservative claims of systemic bias, echoing his 2020 election fraud allegations, per The New York Times. The 2008 financial crisis led to stricter regulations, like the 1970 Bank Secrecy Act, pushing banks to drop high-risk clients, including gunmakers and crypto firms, per CNBC. A 2022 JPMorgan closure of a religious group’s account, cited by Kansas’s AG, raised similar concerns, per Reuters. Culturally, conservatives see debanking as “woke capitalism,” while banks cite legal compliance.
The executive order could reshape banking regulations, easing scrutiny on industries like crypto, per Reuters. However, banks face a dilemma: aligning with Trump risks alienating other clients, while resistance could invite penalties, per The New York Times. A 2021 Trump Organization lawsuit against Capital One for closing 300 accounts post-January 6 failed to prove political bias, per Live Mint, suggesting legal hurdles. The order’s impact depends on regulatory enforcement, with the CFPB’s recent dismissal of a Zelle fraud case signaling a pro-Trump shift, per AP News. The debate may influence 2026 midterms, per X sentiment.
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