President Trump Accuses Banks of 'De-Banking' Conservatives
Davos, Switzerland - President Donald Trump has confronted Bank of America (BAC) CEO Brian Moynihan and JPMorgan Chase (JPM) CEO Jamie Dimon over allegations that banks are "de-banking" customers based on their political beliefs.
During a virtual question-and-answer session at the World Economic Forum in Davos, Trump expressed concerns that conservative customers were being denied banking services. He specifically mentioned Bank of America, stating that "many conservatives complain that the banks are not allowing them to do business within the bank."
The allegations stem from claims by conservative groups that banks are pressuring customers to close accounts connected to certain industries or political views. The issue has gained traction among Republican lawmakers, who have hinted at examining it further.
Both Moynihan and Dimon have denied the accusations, stating that they do not de-bank customers based on political or religious beliefs. However, Dimon acknowledged that US regulations, such as the Bank Secrecy Act, discourage banks from dealing with high-risk customers.
The crypto world has also raised concerns about de-banking, with some individuals claiming that the US government is pressuring banks to close accounts related to cryptocurrencies. While some banks have indeed closed accounts connected to crypto companies, they maintain that these decisions are based on regulatory compliance rather than political affiliations.
In a statement, Bank of America said it "serves more than 70 million clients, welcomes conservatives, and has no political litmus test." JPMorgan stated that it "has never and would never close an account for political reasons."
The issue of de-banking is expected to remain in the spotlight as the Republican-controlled Congress and the Biden administration take office.