Trump Alleges JPMorgan Chase and Bank of America ‘Debanked’ Him for Political Reasons

Donald Trump has accused two of the nation’s largest financial institutions — JPMorgan Chase and Bank of America — of refusing to do business with him due to his political views and his support base. In a recent interview with CNBC, president claimed that these banking giants had either closed or denied his accounts, pushing him to rely on smaller regional banks instead.

Trump asserted that JPMorgan Chase instructed him to close long-standing accounts within 20 days and that Bank of America declined to accept a $1 billion deposit.

While Trump did not specify when these alleged actions occurred, he blamed the Biden administration, arguing that regulators had pressured banks to target him and his supporters under the guise of managing "reputational risk."

He further suggested that the current regulatory environment encouraged banks to distance themselves from customers deemed politically controversial, a practice known as "debanking."

The Federal Reserve, responding to industry and political backlash, announced in June that it would remove reputational risk from its formal bank examination criteria.

Both JPMorgan Chase and Bank of America have denied making decisions based on politics. JPMorgan, in a statement, said it does not close accounts for political reasons and expressed support for regulatory reforms addressing the issue. Bank of America declined to comment.

Trump’s claims have come amid broader scrutiny of banks’ account-closing practices.

Other companies, such as cryptocurrency exchange Coinbase and firearms manufacturer Sturm Ruger, have also alleged that they were denied banking services due to perceived reputational risks.

Reports indicate that the White House is preparing an executive order directing regulators to investigate and potentially penalize financial institutions that discriminate against customers for political reasons. The anticipated order could be signed as early as this week, with possible implications for banking policy nationwide.