Trump protects American bank accounts from politically motivated closures

Trump plans to sign an executive order targeting banks for closing accounts for political reasons. He says JPMorgan Chase and Bank of America denied Trump Organization deposits, alleging clear political bias. "The banks discriminated against me very badly," Trump told CNBC, suggesting Biden-era regulators pushed anti-conservative policies.

The order directs regulators to remove "reputational risk" from guidance, mandates the Small Business Association to reinstate debanked clients, and requires the Treasury to develop anti-debanking strategies. Melania Trump reported her account closure, and Barron Trump was denied an account post-January 6, 2021.

Bank of America and JPMorgan Chase deny political motives, citing compliance. "We don’t close accounts for political reasons," a JPMorgan spokesperson said. Senator Tim Scott criticized regulators’ power to target conservatives.

Trump’s order seeks fines and remedial actions for violators. Wall Street sources note banks follow regulators’ directives, even informal ones. The order aims to curb politicized banking practices, though banks claim regulatory clarity is needed.