Trump to sign executive order that cracks down on 'debanking' financial institutions

President Donald Trump is expected to sign an executive order that cracks down on "debanking," which targets financial institutions that allegedly discriminate against customers based on political or ideological beliefs. 

The order will direct bank regulators to investigate whether financial institutions have violated the Equal Credit Opportunity Act, antitrust laws or consumer financial protection laws, according to the Daily Signal. 

The directive comes after Trump claimed on Tuesday that bank executives were big fans of his when he was president but abandoned him afterward, and that other banks have discriminated against "many conservatives." 

“[The CEO of Bank of America] was kissing my a– when I was president, and when I called him after I was president, to deposit $1 billion-plus and a lot of other things … ‘No, we can’t do it,’” Trump said on CNBC. “That’s because the banks discriminated against me very badly. And I was very good to the banks. I had the greatest economy in the history of our country when I was president.”

He also claimed that JPMorgan Chase discriminated against him by unexpectedly telling him he had just 20 days to move “hundreds of millions of dollars in cash” to another bank. JPMorgan has denied the allegation.

“We don’t close accounts for political reasons, and we agree with President Trump that regulatory change is desperately needed,” a JPMorgan spokeswoman told CNBC. “We commend the White House for addressing this issue and look forward to working with them to get this right.”

Conservatives in 2023 accused Bank of America of discriminating against a Christian organization in Uganda by shutting down its accounts because of its religious beliefs. The Alliance Defending Freedom later filed a complaint against the bank.

Financial institutions found to be participating in debanking could face monetary penalties, consent decrees or other disciplinary measures.

It is not clear when the president will sign the order.

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.