WASHINGTON – August 6, 2025:
In a fresh salvo against major U.S. financial institutions, former President Donald Trump has accused prominent banks including JPMorgan Chase and Bank of America of discriminating against him and his supporters for political reasons. Speaking in an interview with CNBC on Tuesday, Trump claimed that the nation’s biggest lenders had refused to accept his deposits, a move he linked to broader efforts to target conservatives.
“They totally discriminate against, I think, me maybe even more but they discriminate against many conservatives,” Trump alleged.
The former president’s remarks follow a report in The Wall Street Journal suggesting the White House is preparing an executive order aimed at preventing banks from “politicized or unlawful debanking.” A draft of the order, reviewed by Reuters, instructs federal regulators to examine whether financial institutions have engaged in politically motivated account closures or service denials. The order is expected to be announced on Wednesday.
Trump claimed that following his presidency, JPMorgan informed him he had just 20 days to withdraw large sums from multiple accounts. “I had hundreds of millions,” he said. “Many, many accounts loaded up with cash… and they told me, ‘Sorry, sir, we can’t have you.’”
According to Trump, Bank of America also refused his deposits. Eventually, he said, he was forced to scatter his funds across several smaller banks nationwide. “I ended up going to small banks all over the place,” Trump said. “I was putting $10 million here, $10 million there.”
While both JPMorgan and BofA declined to address Trump’s specific claims, JPMorgan issued a statement denying any politically motivated decisions. “We don’t close accounts for political reasons, and we agree with President Trump that regulatory change is desperately needed,” the bank stated.
Reputation vs Regulation
Industry insiders say Trump’s banking woes may have stemmed less from politics and more from reputational risk assessments during President Joe Biden’s term. Financial institutions have come under increased scrutiny when dealing with high-profile figures entangled in legal proceedings or political controversy.
While the Federal Reserve recently directed supervisors to stop considering reputational risk as a regulatory metric, its past use had prompted complaints from banks and political figures alike.
One senior source told Reuters that the anticipated executive order will likely push regulators to investigate potential violations of the Equal Credit Opportunity Act and antitrust laws. It could also authorize penalties, consent decrees, or other enforcement actions against banks found guilty of politically biased banking practices.
Banking analyst Mike Mayo described the administration’s move as a way to bring clarity to a murky regulatory landscape. “What the White House is doing is telling the banks not to hide behind regulations to deny loans or banking relationships,” Mayo explained. “They can still use normal underwriting standards — just not use reputational risk as a cover.”
Trump’s Broader Fight with the Banking Sector
This isn’t the first time Trump has clashed with the financial industry. Earlier this year, he publicly rebuked the CEOs of JPMorgan and Bank of America for allegedly denying services to conservatives. Both banks, however, have repeatedly denied making business decisions based on political affiliations.
Sources close to JPMorgan noted that while the bank has maintained long-standing relationships with members of the Trump family and various campaign accounts, it had to reassess certain associations amid regulatory pressures and reputational concerns.
Bank of America responded by saying it supports the administration’s effort to provide clearer policy guidance. “We’ve provided detailed proposals and will continue to work with the administration and Congress to improve the regulatory framework,” a BofA spokesperson said.
As Trump ramps up his 2024 campaign efforts, his confrontation with Wall Street may become yet another flashpoint in the broader national debate over free speech, financial freedom, and political bias in corporate America.
