WASHINGTON – Former U.S. President Donald Trump has said that big banks refused to accept his money because of his political views.
In an interview with CNBC, Trump claimed that top banks like JPMorgan and Bank of America (BofA) discriminated against him and other conservatives. He said, “They told me I had 20 days to move my money out.”
Trump said he had hundreds of millions of dollars and many bank accounts, but the banks still rejected him. “I had to split my money between small banks,” he said. “I was putting $10 million here, $5 million there.”
According to a Wall Street Journal report, Trump plans to sign an executive order that will stop banks from dropping customers because of politics. A draft of the order seen by Reuters says banks could face punishment if they are found guilty of “politicized” banking.
Trump believes the Biden administration tried to “destroy Donald Trump” by pushing banks to cut ties with him. However, he did not provide proof.
JPMorgan and BofA did not directly respond to Trump’s claims. But JPMorgan said, “We don’t close accounts for political reasons, and we support regulatory changes to fix the system.”
Experts say that during President Biden’s time, banks were under pressure to avoid working with people seen as risky to their reputation, including Trump, because of his legal issues.
The expected order from Trump will likely tell regulators to check if any banks broke laws like the Equal Credit Opportunity Act or antitrust laws by removing customers for political reasons. If found guilty, banks could face fines or other actions.
The White House has not yet commented on the planned order.
Mutib Khalid is a skilled content writer and digital marketer with a knack for crafting compelling narratives and optimizing digital strategies. Excel in creating engaging content that drives results and enhances online presence. Passionate about blending creativity with data-driven approaches, Mutib Khalid helps brands connect with their audience and achieve their goals.