President Trump has signed a sweeping executive order aimed at curbing what he calls “politicized or unlawful debanking.”
This is intended to place new pressure on major financial institutions accused of denying services based on political or religious beliefs. The move comes amid mounting criticism from conservatives and some crypto advocates that banks have too much discretion to cut off customers.
New Scrutiny for Financial Institutions
The order instructs federal bank regulators to investigate whether decisions to deny services were politically or religiously motivated. Regulators must review supervisory data for potential violations and refer such cases to the Attorney General. If institutions are found to have engaged in politicized or unlawful debanking, they could face fines, consent decrees, or other remedial measures.
“The banks discriminated against me very badly,” Trump told CNBC’s Squawk Box, claiming that JPMorgan Chase and Bank of America refused him services due to his political stance.
