Trump Targets Debanking of Conservatives

President Donald Trump will reportedly sign an executive order as soon as this week targeting banks for discriminating against conservatives. National banks have banned notable conservatives from their services in recent years, prohibiting some individuals from even having checking accounts with these banks.

The Wall Street Journal reported Tuesday that the executive order will direct “bank regulators to investigate whether any financial institutions might have violated the Equal Credit Opportunity Act, antitrust laws or consumer financial-protection laws.” Banks that have violated these laws could potentially be “subject to monetary penalties, consent decrees or other disciplinary measures.”

Trump hit on the issue of debanking on the campaign trail last year following advocacy from numerous conservative organizations in recent years, including AMAC Action. In 2023, AMAC members sent more than 91,000 messages to JP Morgan Chase speaking out against the bank’s civil rights abuses, resulting in major policy changes from the bank the following year. The Trump administration’s move now builds on that effort to hold banks accountable for discriminating against conservatives.

The act of banks shutting down and banning individuals or organizations from having accounts with them is most commonly known as “debanking.” In a recent report, America First Policy Institute (AFPI) Deputy Director Jill Homan and senior policy analyst David Vasquez explained the negative impact of debanking conservatives.

“Debanking creates uncertainty and hardship. In a nation governed by laws, the practice of legal coercion through regulatory discretion is antithetical to the American system of justice,” they explained. “Ultimately, debanking is not just an economic problem, but a constitutional one.”

There have been several notable cases of banks banning conservatives from using their services in the past few years. In a recent interview with CNBC, Trump explained that JPMorgan Chase and Bank of America refused to accept more than $1 billion of his deposits after the 2020 presidential election. JPMorgan Chase even closed the active accounts that Trump had with the bank at that time.

In 2020, Bank of America provided a notice of account closure to the Timothy Two Project International, which provides pastors with training throughout the world. The bank explained that the ministry was “operating a business type we have chosen not to service.”

A few years later, in 2023, Bank of America was once again accused of discrimination after shutting down the accounts of Christian charity Indigenous Advance Ministries. The organization provides basic necessities for vulnerable children in Uganda. The bank cited the same reason as with the Timothy Two Project International.

Last year, Kansas Attorney General Kris Kobach led a coalition of 15 states urging Bank of America CEO Brian Moynihan to end politicized discrimination against customers. In a letter to Moynihan, the attorneys general of all 15 states claimed that Bank of America had denied services to gun manufacturers, U.S. Immigration and Customs Enforcement (ICE) contractors, private prisons, and religious groups.

As a result, they argued that Bank of America was “exposing itself to numerous legal risks.” They cited the Equal Credit Opportunity Act and Fair Housing Act, which “bar religious discrimination for credit applications and home loans, respectively.”

The attorneys general demanded that the bank provide “a written report about your account-cancellation policies and practices,” “update your terms of service to state that you do not discriminate against customers for their religious or political views or speech,” “participate in the Viewpoint Diversity Score’s Business Index,” and “support shareholder proposals protecting religious and political diversity.” Bank of America later denied the allegations.

Conservative activist Laura Loomer explained in a post on X last week that she has also been debanked in the past and that this is a serious issue that must be addressed.

“Over the last decade, Jamie Dimon, the CEO of JPMorgan Chase @jpmorgan, has led efforts to debank conservatives, Trump supporters, and individuals like myself,” she said. “My online banking at Chase was actually once shut down by Chase Bank, in an act of political targeting in 2019. I received a message that said ‘Access suspended’, and all of my money was frozen, my cards were shut off, and I wasn’t able to access my money.”

She added that debanking has also affected “many others, primarily conservatives, 2nd Amendment advocates, gun manufacturers, and Crypto advocates.”

Alan Jamison is the pen name of a political writer with extensive experience writing for several notable politicians and news outlets.