Trump targets 'politicised' banking as new SA tariffs take effect
US President Donald Trump has issued a new executive order aimed at curbing 'politicised' or unlawful discrimination by banks against customers based on political or religious beliefs.
The move follows a series of recent policies from the White House, including the imposition of 30% tariffs on imports from South Africa, which came into effect at midnight last night.
South African banks have previously come under fire for refusing access to banking facilities after citing risk.
In addition, it's important to view this order in light of Trump's dissatisfaction with South Africa over Broad-Based Black Economic Empowerment policies as well as reform through land expropriation.
Trump's executive order responds to concerns that some financial institutions engaged in 'debanking'- denying or restricting access to financial services for individuals or businesses based on constitutionally protected views or lawful activities.
The order specifically condemns practices linked to government surveillance after the January 6, 2021 Capitol events, where banks flagged customers' transactions related to politically charged terms like 'MAGA' or certain retailers without evidence of criminal conduct.
This order directs federal banking regulators to remove guidance that allows banks to use 'reputation risk' as a justification for such politicised restrictions. It also mandates the reinstatement of clients unlawfully denied services and instructs regulators to take enforcement actions against offending institutions.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
IOL News
21 minutes ago
- IOL News
Presidency outlines financial strategy to fund the National Dialogue
President Cyril Ramaphosa. Image: X / Presidency The South African Presidency has responded to media inquiries regarding the financial aspects of the upcoming National Dialogue, specifically addressing the anticipated costs of the first National Convention scheduled for 15-16 August 2025. In a statement, spokesperson Vincent Magwenya emphasised that all budgetary processes concerning the convention are being conducted in accordance with the Public Finance Management Act (PFMA). "Our commitment is to ensure transparency and accountability in all aspects of the convention's funding," he stated. He said the Inter-Ministerial Committee (IMC), led by Deputy President Paul Mashatile, is diligently working alongside various government departments to coordinate resources for the National Dialogue. "This includes mobilisation efforts aimed at reducing potential costs associated with the event." In a significant development, the University of South Africa (UNISA) has stepped in to offer support by hosting the first National Convention and providing related goods and services free of charge. Facilities secured include a plenary venue, two overflow areas equipped with live-streaming capabilities, and ten breakaway rooms for workshops. Additionally, an operations centre is already operational, providing essential logistics services such as catering, audiovisual support, and the production of conference materials. Magwenya confirmed that the financial backing for the National Convention will primarily come from the existing budgets of the National Economic Development and Labour Council (NEDLAC) and the Presidency. He said the allocation will cover secretariat support, communications, and logistics, with further reimbursements planned for the Department of Employment and Labour and NEDLAC as part of the Adjustments Budget later this fiscal year. "All procurement and public fund management will strictly comply with the PFMA and relevant Treasury Regulations," he added. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading The Presidency has also highlighted collaborations with stakeholders that have resulted in further cost reductions. Donations have been received for the National Dialogue's digital platform, and numerous essential services—such as venue space and transport—are being provided at no cost. "These strategic partnerships are not only easing the financial burden but also exemplifying the spirit of collective effort towards a common goal," said Magwenya. In addition, he said the budget will largely depend on in-kind contributions, donations, and other resources that can be mobilised by the organising team. IOL News Get your news on the go, click here to join the IOL News WhatsApp channel.
IOL News
an hour ago
- IOL News
Kenny Kunene's resurfaced tweets spark outrage over derogatory comments about women
Kenny Kunene is in hot water over the derogatory tweets. Image: Boxer Ngwenya/Independent Newspapers As the nation battled with wild podcasters and exposing racial tensions, the latest politician to be exposed is suspended Patriotic Alliance (PA) Deputy President Kenny Kunene. This comes after old tweets from Kunene's X (formerly Twitter) page resurfaced. The tweets, which refer to women in derogatory terms, stem from February 2012 and April 2013. Most tweets refer to women as cheap and their genitalia are constantly mentioned. Kenny Kunene was 43 years when he tweeted these It's not like he was young & stupid This is who he is 😭😭😭😭 — ChrisExcel (@ChrisExcel102) August 10, 2025 Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ The tweets were shared by @ChrisEXcel102 and the caption read: 'Kenny Kunene was 43 years when he tweeted these. It's not like he was young & stupid. This is who he is [sic]' The tweet, which has since gone viral, has been reposted over 1,500 times and over 7,800 likes. This comes after PA leader and Minister Gayton McKenzie was also exposed with old tweets, in which the K-word was used to refer to black individuals. ActionSA reported McKenzie to the South African Human Rights Commission over alleged racist remarks that included apartheid slurs and other demeaning references aimed at black South Africans. Mr President @CyrilRamaphosa, you appointed a Minister who has publicly uttered deeply offensive and despicable words against Black people. Is this really the vision of unity and inclusivity that the GNU stands for? We demand action NOW! — Vuyo Zungula MP 🇿🇦 (@ZungulaVuyo) August 8, 2025
The South African
an hour ago
- The South African
'No double standards': DA on Gayton McKenzie's k-word posts
Following outrage over Patriotic Alliance (PA) leader Gayton McKenzie's racist social media posts, the Democratic Alliance (DA) says there is no place for race based division in South Africa, no matter from who or from where it comes. McKenzie is facing backlash on social media after X (formerly Twitter) users dug up his old posts and videos where he referred to black people using the k-word. This was after he condemned the Open Chats podcast hosts for distasteful comments about the Coloured community. DA spokesperson Karabo Khakhau said the party expects that this matter will be dealt with in line with the same standards as others who perpetuate hate and division. 'There should be no place for double standards and hateful race-based division in South Africa, whether it comes from a podcaster, from a GNU party leader, or from singing hate-filled chants about killing people based on ethnicity. 'In past circumstances, the use of the K-word has had serious sanctions in South Africa, including dismissal, and we expect that will be the natural consequence here too,' she said. In September 2024, the DA terminated Renaldo Gouws' membership and forfeited his seat in Parliament for a similar reason. The South African previously reported that in a video that resurfaced on social media, Gouws allegedly uses extremely offensive language, explicitly calling for the killing of Black individuals. These statements were identified as violating the principles of dignity and equality enshrined in South African law. Following the video's resurgence, aggrieved citizens called on the South African Human Rights Commission (SAHRC) via social media to intervene. Meanwhile, ActionSA has reported Gayton McKenzie to the South African Human Rights Commission (SAHRC) over his racial slurs. ActionSA member of Parliament Alan Beesley said while they hold reservations about the effectiveness of the SAHRC, it remains the constitutionally empowered institution mandated to address such matters. 'Accordingly, we will follow the prescribed process, but are fully prepared to independently institute proceedings at the Equality Court in terms of Section 20 of the Promotion of Equality and Prevention of Unfair Discrimination Act. Racism and the dehumanising of any person, regardless of their race, has no place in South Africa,' Beesley said. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X, and Bluesky for the latest news.
