WASHINGTON – President Donald Trump accused prominent banks of discriminating against him and his supporters as he weighs an executive order that would urge regulators to go after lenders accused of political bias.
Trump alleged in a CNBC interview that JPMorgan Chase dropped him as a personal banking customer without explanation and Bank of America also would not take him on as a client.
“The banks discriminated against me very badly, and I was very good to the banks,” Trump said.
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Trump said he had hundreds of millions of dollars in his accounts when JPMorgan Chase notified him they were cutting him loose.
The bank swiftly rejected the allegations. In a statement, JPMorgan Chase said it does not close accounts for political reasons, and it agrees with Trump that regulatory changes are needed and it hopes to work with the White House on the order.
Bank of America declined to comment. But the company said in January that political beliefs “are not a factor in account closure decisions.”
In a statement about a potential executive order provided before Trump’s CNBC interview, it said it had provided detailed proposals to Trump’s administration and Congress that are intended to improve regulations.
The president said financial institutions were discriminating against “many conservatives,” including Trump supporters whom he said he’d consulted on the topic. “I believe what they did is they went to the regulators,” he said.
“Banks are not afraid of anything but a regulator. Their regulators and their wives. They’re more afraid of their wives than the regulators,” he said.
Trump also accused the Biden administration, without evidence, of directing banks and their regulators to destroy him.
The president made the accusations in response to a question about a report in the Wall Street Journal.
The Wall Street Journal reported on Aug. 5 that a draft copy of the order directs bank regulators to investigate potential violations of the Equal Credit Opportunity Act by financial institutions. The news outlet said the order threatens to fine or discipline lenders accused of political discrimination. It also calls for regulators to refer alleged violations to the Department of Justice.
It’s unclear when the president plans to sign the executive order. The White House declined to provide details about what is under discussion or the content of the expected executive action.
This article originally appeared on USA TODAY: Trump lobs accusations of discrimination at prominent banks
