Trump Accuses Banks of Political Discrimination as White House Drafts Penalty Order

Former U.S. President Donald Trump has accused major financial institutions, including JPMorgan Chase and Bank of America, of engaging in politically motivated discrimination against conservatives and himself. He has labeled this practice “debanking,” alleging that banks have denied or restricted services to conservative individuals and groups based on their political affiliations. “The banks discriminated against me very badly,” Trump stated in a series of public comments and press briefings from late July to early August 2025 [1]. These accusations have prompted the White House to reportedly draft an executive order aimed at penalizing banks found to be engaging in such behavior [3].

The executive order, first reported by The Wall Street Journal, is expected to task regulators with investigating potential violations of the Equal Credit Opportunity Act, antitrust laws, and consumer financial protection regulations. These investigations would focus on whether banks have selectively closed accounts or denied services based on political bias [4]. The White House has not yet confirmed the content of the order, but it could be signed as early as the week of August 5, 2025 [5]. The move is seen as part of a broader effort to address perceived systemic bias within the U.S. financial sector and to protect political neutrality in banking services [6].

Trump’s claims have drawn both support and criticism. Supporters argue that banks should not be allowed to make business decisions based on political ideology and that the executive order is a necessary step to safeguard free speech and political expression in the private sector. Critics, however, contend that banks should retain the right to manage risk and comply with regulatory standards without political interference. They also note that no substantial evidence has been presented to substantiate the claims of widespread discrimination [7]. The White House’s action has already attracted attention from major media outlets, including Axios, Reuters, and Al Jazeera, as a key development in its regulatory agenda [8][9].

The issue of “debanking” is not new and has been raised previously by conservative lawmakers and media figures. However, major banks such as JPMorgan and Bank of America have typically dismissed such claims as unfounded. The upcoming executive order could mark a significant shift in the ongoing debate about the role of political ideology in banking decisions [10]. Trump has also linked the issue to the cryptocurrency industry, noting that his administration has rolled back some banking restrictions for crypto firms previously imposed by the Biden administration [6]. The outcome of the executive order will likely influence how financial institutions navigate the intersection of politics and business in the future.

Sources:

[1] https://www.cbsnews.com/news/trump-debanking-executive-order-discrimination-conservatives-jpmorgan-chase-bofa/

[2] https://www.politico.com/news/2025/08/05/trump-jpmorgan-bank-america-debanking-00494729

[3] https://www.wsj.com/finance/regulation/trump-says-banks-discriminate-against-conservativesand-that-he-was-a-victim-c5e16bac?gaa_at=eafs&gaa_n=ASWzDAiyipufYLIxYNcdTLSIiWC1e8OQckZvT8HU2lKtjdsEdDiOFEmQ0gr1&gaa_sig=gYnLDeW4OjJ5zsrLf_E4DsEOa68BiJ41WkSAnk9SSQiurxqSXgAL1p0nh1SdCWgru8_7mN8wGtiLv6C4EIZy4Q%3D%3D&gaa_ts=68929dce

[4] https://www.reuters.com/world/us/white-house-target-banks-trump-claims-discrimination-2025-08-05/

[5] https://www.reuters.com/world/us/trump-says-banks-discriminate-against-his-supporters-while-white-house-prepares-2025-08-05/

[6] https://www.yahoo.com/news/trump-prepares-impose-penalty-banks-213111695.html

[7] https://www.wsj.com/finance/regulation/white-house-preps-order-to-punish-banks-that-discriminate-against-conservatives-8af18854?gaa_at=eafs&gaa_n=ASWzDAjUFfIeHU9wbj1zpGqejYJqWne2Pz0S_wVkpGmuC0RwS91dFn1lJAiO&gaa_sig=0fx2mQgvYhZ6xkanBiqwOoaQr6nHGN1HprMinTvXBQMOqlKw_U3fhptjs8NY_yCmcj_ZJG_k31wu3qUCWLMCVg%3D%3D&gaa_ts=68929dce

[8] https://www.axios.com/2025/08/05/trump-banks-debanking-jpmorgan-bank-of-america

[9] https://www.aljazeera.com/economy/2025/8/5/trump-accuses-banks-of-discriminating-against-his-supporters

[10] https://www.afr.com/world/north-america/trump-accuses-jpmorgan-bank-of-america-of-discrimination-20250806-p5mknp