Summary
President Trump plans to sign an executive order to penalize banks that are believed to discriminate against conservatives. He has specifically mentioned JPMorgan Chase and Bank of America as examples, accusing them of dropping clients for political reasons. Both banks deny using political reasons to decide on their clients.
Key Facts
- President Trump wants to issue an executive order targeting banks accused of political discrimination.
- The executive order would direct regulators to punish banks that drop clients based on political grounds.
- Trump mentioned JPMorgan Chase and Bank of America as banks he believes have discriminated against conservatives.
- Both banks deny closing accounts for political reasons and point to other regulations like anti-money laundering as influencing their decisions.
- Trump claims these actions reflect personally as he has been affected by such practices.
- The Senate Banking Committee held a hearing on the issue of "debanking" for political reasons.
- Bank of America’s CEO, Brian Moynihan, acknowledged the president's focus on this issue.
- The exact outcome of the executive order is still uncertain as plans could change.
