Trump vows to ensure fairness in banking for every American with new executive order

President Donald Trump on Thursday signed an executive order that seeks to guarantee fairness in banking for all U.S. citizens by cracking down on "debanking," which refers to financial institutions that discriminate against customers based on political or ideological beliefs.

The directive comes after Trump claimed on Tuesday that several bank executives were big fans of his during his first term but abandoned him after he left office, and that other banks have discriminated against "many conservatives." 

The order directs bank regulators to investigate whether financial institutions have violated the Equal Credit Opportunity Act, antitrust laws or consumer financial protection laws by targeting customers based on political or ideological beliefs.

The Small Business Administration is also tasked with requiring institutions to make an effort to reinstate customers who were unlawfully denied services in the past.

"Today's Executive Order helps ensure all consumers and businesses are treated fairly, a goal the nation's banks share with the Administration," representatives from the Bank Policy Institute, American Bankers Association, Consumer Bankers Association and Financial Services Forum said in a joint statement.

"It's in banks’ best interest to take deposits, lend to and support as many customers as possible. Unfortunately, regulatory overreach, supervisory discretion and a maze of obscure rules have stood in the way as the E.O. makes clear," the group continued. "We thank the Administration for its efforts to protect access to banking and rein in runaway regulations and look forward to working with the White House, Congress and the agencies to create a national standard that advances these goals."

The order also comes after 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.

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