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Trump Rips Bank of America and JPMorgan Chase For Discriminating Against Conservative Businesses
Source: YouTube
President Donald Trump reignited controversy on Thursday by accusing JPMorgan Chase and Bank of America of refusing to serve conservative businesses. Speaking during a video session at the World Economic Forum in Davos, Switzerland, Trump called out the banks' CEOs, Brian Moynihan and Jamie Dimon. He alleged that the banks discriminated against conservatives. However, both Moynihan and Dimon denied the accusations and stated they have no political litmus test for their clients.
Trump’s rejoinder revived a contentious talking point from his 2024 presidential campaign where he claimed major financial institutions were shutting out conservative businesses. Despite blanket denials from the companies, the allegations continue to resonate with Trump supporters and remain a political flashpoint.
Background on Trump’s 2024 Campaign Allegations
Trump first raised concerns about alleged discrimination against conservative businesses during his 2024 campaign. He cited reports from state attorneys general and conservative organizations claiming banks had terminated accounts based on political or religious views.
For instance, Bank of America was accused of closing accounts for religious groups and firearms manufacturers. Kansas Attorney General Kris Kobach and 14 other state attorneys general alleged the bank had adopted a discriminatory stance, singling out conservative-leaning entities.
JPMorgan faced similar scrutiny for its policies affecting clients in high-risk industries like firearms and payday lending. Both banks also acknowledged that regulatory requirements sometimes force them to end client relationships. This explanation has done little to dispel skepticism among conservative businesses, who view these actions as part of a broader bias against their values.
Bank CEOs Respond at Davos
The incident happened during the World Economic Forum, where speaking in a video call in, Trump directed his criticism at Bank of America CEO Brian Moynihan and JPMorgan CEO Jamie Dimon. Caught off-guard, Moynihan shifted the conversation to the bank’s sponsorship of the upcoming FIFA World Cup and avoided direct engagement with the accusation. Dimon, who has previously addressed these claims, maintained that JPMorgan follows strict regulatory guidelines and does not base decisions on political views.
Both banks reiterated their positions in formal statements. Bank of America stated: “We serve more than 70 million clients, we welcome conservatives, and we do not have a political litmus test.” JPMorgan echoed this sentiment, saying: “We have never and would never close an account for political reasons, full stop.” Despite their denials, Trump’s remarks stirred debate among attendees and media and drew attention to the issue of “debanking” — the practice of restricting financial services for specific industries or groups.
Debanking Allegations Beyond Politics
The accusations against these banks extend beyond conservative politics. Both institutions have faced criticism for policies affecting firearms manufacturers, fossil fuel producers, and faith-based organizations. For example, Bank of America imposed restrictions on lending to gunmakers following the 2018 Parkland school shooting but later eased these rules amid a strong backlash. Similarly, JPMorgan’s compliance with anti-money laundering regulations has led to account closures in high-risk sectors. While these actions are framed as regulatory compliance, critics argue they disproportionately affect conservative-leaning industries.
The issue of “debanking” has also gained international attention. In the UK, conservative politician Nigel Farage accused NatWest of closing his account due to his political views and prompted a government inquiry. While a review found no evidence of bias, the controversy highlighted global concerns about the intersection of politics and financial services.
What’s Next for Conservative Businesses?
Trump’s push to spotlight this issue underscores his alignment with conservative concerns about corporate bias. However, the banks continue to maintain that their practices are driven by regulatory obligations and not politics. For conservative businesses, this debate raises questions about fair access to financial services and the role of government oversight. While Trump's comments may not lead to immediate policy changes, they bring renewed attention to a longstanding issue.
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