Trump Accuses JPMorgan Chase and Bank of America of Rejecting His Deposits Amid Broader Claims of Financial “Debanking” of Conservatives
In a recent CNBC interview, former President Donald Trump made alarming accusations against some of the nation’s largest banks, claiming that JPMorgan Chase, Bank of America, and other big financial institutions refused to accept deposits exceeding $1 billion from him. Trump said he was ultimately forced to disperse his substantial funds across multiple smaller banks due to what he described as discriminatory practices.
Allegations of Political Bias in Banking
Trump stated, “The banks discriminated against me very badly,” resurrecting his persistent charge that major Wall Street banks have engaged in "debanking" conservatives for political reasons. This term refers to the alleged practice of financial institutions closing or refusing to open accounts primarily based on the political orientation of their customers.
During his 2024 campaign, Trump vowed to crack down on what he perceives as bias within the financial sector. Earlier this year, he publicly criticized Bank of America CEO Brian Moynihan over these alleged discriminatory policies.
Potential Executive Action on “Debanking”
The Trump administration is reportedly considering issuing an executive order aimed at combating politically motivated account closures. According to reports first published by The Wall Street Journal, this order would charge banking regulators with investigating and addressing “debanking” allegations.
A White House spokesperson declined detailed remarks on the executive order but referred to Trump’s recent comments on the matter.
Background on Ongoing Regulatory and Legislative Efforts
Several Republican lawmakers have recently advanced legislative measures to curb what they see as regulatory overreach. Notably, a bill promoted by members of the Senate Banking Committee would prohibit financial regulators from factoring in “reputational risk” when overseeing banks. This approach would align with current federal policies following guidance by Treasury Secretary Scott Bessent, aiming to limit regulators’ discretion in ways that might lead to politically motivated account closures.
The Trump administration has also outlined plans to update regulations tied to anti-money laundering and counterterrorism financing laws, signaling a broader drive to modernize the banking regulatory environment.
Details from Trump’s Interview
Trump recounted that JPMorgan Chase notified him of plans to close his longstanding accounts with a 20-day notice, and Bank of America refused to continue banking with him after his first presidential term. He further claimed, without presenting supporting evidence, that the Biden administration directed banking regulators to do “everything you can to destroy Trump.”
Lawsuits and Industry Responses
Earlier this year, the Trump Organization filed a lawsuit against Capital One, alleging that the bank wrongfully cut off financial services following the January 6, 2021, Capitol attack. Capital One denies these claims and has sought dismissal of the lawsuit.
Representatives of the banking industry have consistently rejected assertions that accounts are closed due to political biases. They emphasize that account closures often stem from anti-money laundering regulations, reputational risk concerns, and rigorous compliance standards rather than political considerations.
JPMorgan Chase spokesperson Trish Wexler acknowledged, “We don’t close accounts for political reasons, and we agree with President Trump that regulatory change is desperately needed. We commend the White House for addressing this issue and look forward to working with them to get this right.” Similarly, Bank of America’s Bill Halldin voiced support for the administration’s efforts to clarify banking regulations.
In comments captured on the same day, Bank of America CEO Brian Moynihan said his bank is cooperating with the Treasury Department and supports resolving the regulatory challenges contributing to account discontinuations. “I welcome getting this fixed,” Moynihan remarked. “At the end of the day, we bank 70 million consumers, more small businesses than anybody else — 12 million small businesses — more middle market companies than anybody else. We bank everybody.”
Claims of Targeting Across Industries
Conservative groups and industries—such as religious organizations, oil and gas companies, and gun manufacturers—have voiced longstanding concerns about being unfairly targeted by financial institutions. Republican-controlled states have enacted laws to prohibit banks from refusing services on political grounds.
More recently, firms in the cryptocurrency sector argued that heightened federal regulatory scrutiny under the Biden administration effectively severed many digital asset companies’ access to traditional banking services.
Industry Advocacy and Future Outlook
The Bank Policy Institute, representing major banks, underscored that the core issue lies in “regulatory overreach and supervisory discretion.” The group expressed hope that any upcoming executive order would reinforce ongoing reforms aimed at rectifying these challenges.
As the Trump administration explores executive action and lawmakers consider new legislation, the debate over political bias, regulatory impact, and the responsibilities of financial institutions remains a critical and contentious issue on the national stage.
Filed under: Banking, JPMorgan Chase, Bank of America, Donald Trump, Executive Orders, Finance & Tax, Trump Organization
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