White House readies order to fine banks for dropping clients over politics, Reports
The White House is reportedly drafting an executive order to penalize banks for dropping customers based on political affiliations. Regulators would investigate potential violations of credit, antitrust, and consumer protection laws, with monetary penalties possible. This action follows accusations that banks are engaging in 'woke capitalism' by cutting ties with certain businesses, prompting a broader review of financial institution practices.
AP White House The White House is drafting an executive order that would impose penalties on banks for dropping customers for political reasons, the Wall Street Journal reported on Monday. Citing a draft of the order, the Journal said regulators would be instructed to investigate whether any financial institutions breach the Equal Credit Opportunity Act, antitrust laws or consumer financial protection laws. The order, which could be signed as early as this week, would authorize monetary penalties, consent decrees or other disciplinary measures against violators, the Journal reported. It also calls on regulators to strike policies they have that might have contributed to banks dropping certain customers and requires the Small Business Administration to review the practices of banks that guarantee the agency's loans, according to the report.
U.S. President Donald Trump in January said the CEOs of JPMorgan Chase and Bank of America did not provide banking services to conservatives. The two banks denied making banking decisions based on politics.
The criticism of Wall Street banks followed accusations from congressional Republicans and Republican-led states, who claimed the institutions were engaging in "woke capitalism" and unfairly cutting ties with gun manufacturers, fossil fuel companies, and other businesses perceived to be aligned with the political right. The Trump administration is pursuing a broad reform agenda aimed at modifying rules governing financial institutions, including capital requirements, arguing that such action will boost economic growth and unleash innovation. The White House did not immediately respond to a Reuters request for comment.
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