Trump says JPMorgan, Bank of America rejected his deposits
A new White House order would add to other recent Republican efforts to address 'debanking.' Republicans on the Senate Banking Committee advanced a bill earlier this year that would prohibit financial regulators from using 'reputational risk' in their supervision of financial institutions. That would largely enshrine in law what federal banking regulators, at the urging of Treasury Secretary Scott Bessent, have already done in recent months. And the Trump administration has already announced it plans to 'modernize' the regulations governing banks' obligations under laws to curb money laundering and terrorist financing.
A White House spokesperson declined to comment further about the executive order and referred to Trump's comments about the big banks.
During the interview, Trump said JPMorgan Chase notified him that they would be closing his longstanding accounts within 20 days, and that Bank of America subsequently refused his business after his first term in office.
Trump also claimed, without offering any specific evidence, that the Biden administration had pressured banking regulators to 'do everything you can to destroy Trump.'
The Trump Organization earlier this year sued Capital One, accusing the bank of improperly cutting off access to the president's family business in the wake of the Jan. 6, 2021 attack on the Capitol. The bank denies the allegations and has asked a federal judge to dismiss the lawsuit.
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