President Donald Trump, accused major U.S. banks—specifically JPMorgan Chase and Bank of America—of politically motivated discrimination against him and conservatives.
In an interview from US media outlets, Trump claimed these banks refused to accept his deposits, telling him that JP Morgan Chase will close his accounts within 20 days.
Moreover, Bank of America declined his attempt to deposit of more than one billion USD by the Bank of America.
Because of this, Trump is preparing an executive order that instructs regulators to investigate banks for “politicized or unlawful debanking” against account closures.
Meanwhile, JP Morgan Chase denied any of the alleged politically motivated behavior claimed by Trump.
The said bank issued a statement rejecting political reasons for closing accounts, while affirming support for regulatory change.
“We don’t close accounts for political reasons, and we agree with President Trump that regulatory change is desperately needed,” JPMorgan spokesperson Trish Wexler said.
Meanwhile, Bank of America declined to directly address Trump’s allegations but said it welcomes regulatory clarity.