On Tuesday, August 5, former U.S. President Donald Trump accused major American banks of refusing to do business with him because of his conservative political views — a claim that aligns with long-standing complaints from right-wing figures about alleged political bias in the financial sector.
“They discriminate against many conservatives,” Trump said in a CNBC interview, adding that an executive order to address the issue could be in the works.
Trump alleged that both JPMorgan Chase and Bank of America turned him away after his presidency, linking the decisions to his political stance and the events of the January 6, 2021, Capitol riot. He claimed JPMorgan Chase gave him 20 days to close his accounts and that Bank of America refused to open new accounts for him, despite his offer to deposit over a billion dollars.
“I personally spoke with [JPMorgan CEO] Jamie Dimon and [Bank of America CEO] Brian Moynihan,” Trump said. “Brian was kissing my ass when I was president, and when I called him after I was president to deposit a billion dollars plus, he said, ‘We can’t do it.’”
Bank of America declined to address Trump’s remarks directly but stated that political beliefs do not influence account decisions, noting its past collaboration with the Trump administration on regulatory matters. JPMorgan also said it does not close accounts based on political views and refrained from commenting on Trump’s specific claims.
The Wall Street Journal reports that the White House is preparing an executive order to curb what it views as politically motivated financial discrimination by large banks, criticizing their role in severing ties with certain clients after the January 6 incident. The order could be signed as early as this week, though plans may still change.
