Trump Accuses Bank of America of Conservative Discrimination
At the World Economic Forum in Davos, Switzerland, President Trump publicly criticized Bank of America, alleging that the bank is actively discriminating against conservatives. Bank of America's CEO, Brian Moynihan, was present on stage when Trump made the allegations via video conference.
"I hope you start opening your bank to conservatives," Trump stated, "because many conservatives complain that the banks are not allowing them to do business within the bank and that included a place called Bank of America."
Trump also called out JPMorgan Chase CEO Jamie Dimon, who was not present on stage but attended the conference. "What you're doing is wrong," Trump said.
Both Bank of America and JPMorgan Chase deny the allegations. Bank of America maintains that it "never closes accounts for political reasons and doesn't have a political litmus test." JPMorgan stated, "We have never and would never close an account for political reasons."
Allegations of Bias Against Conservatives and Christians
Trump's comments have reignited allegations of bias against conservatives and Christians that have been circulating for years. On social media, conservatives have shared accounts of unexplained bank account closures, attributing them to their political beliefs.
The Senate Banking Committee is scheduled to hold a hearing on the topic in February, inviting businesses and individuals to report any allegations of bias.
Bank Secrecy Act and Government Inquiries
Banks are required by law to monitor customer transactions for any signs of suspicious activity and report them to authorities. This process, combined with government inquiries related to sensitive issues like the Capitol riots, has led to an increase in account closures.
Right-Leaning Activist Groups and Bank Scrutiny
Right-leaning activist groups are demanding transparency from Bank of America and Citigroup, requesting disclosure of any incidents of discrimination based on religious or political beliefs.
Banks' Response to Allegations
In an attempt to address the concerns, Bank of America representatives met with Louisiana state officials, including Treasurer John Fleming, who had previously banned the bank from providing financial services to the state. The bank representatives outlined policy changes, including the removal of blanket prohibitions on certain industries.
JPMorgan has engaged with the Bahnsen Group, a right-leaning shareholder, to discuss and address concerns regarding potential discrimination. The bank has also dropped a requirement that prohibited merchants from accepting payments from individuals with allegations of racism or sexual harassment.