President Donald Trump on Thursday accused the CEOs of America’s two largest banks of refusing to serve conservatives, rehashing 2024 campaign talking points that both companies deny. Ta.
President Trump appeared via video at a rally at the World Economic Forum in Davos, where he was joined by Bank of America CEO Brian Moynihan and JPMorgan Chase CEO Jamie as part of a question-and-answer session.・He harshly criticized CEO Dimon.
President Trump said, “I want you to start opening up the banks to conservatives, because a lot of conservatives are frustrated that banks don’t allow them to operate inside the Bank of America.” .
“I want you and Jamie and all of you to open up the banks to conservatives, because what you’re doing is wrong,” Trump said.
Moynihan, who was one of several executives selected to ask questions of the president during the Q&A, did not immediately respond to the accusations.
Both banks deny denying service to conservatives.
“We serve more than 70 million customers, welcome conservatives, and have no political litmus test,” Bank of America officials said in an email.
“We have never, and never will, close any accounts for political reasons,” a JPMorgan spokesperson said in a statement. “While we are following the law and the guidance of our regulators, we have long maintained that there are problems with the current framework for the U.S. government to address.”
In the aftermath of the 2008 financial crisis, which was caused in part by lax lending standards at major banks, U.S. regulators have pushed to weed out customers in industries deemed to be at high risk of money laundering and fraud. increased pressure on lenders. This meant the accounts of payday lenders, pawnshops, gun dealers, and pornographers were canceled, with little notice or explanation as to why.
As recently as October, President Trump singled out Bank of America, repeating his claims that it discriminates against conservatives.
The charges may have roots in the state attorney general’s complaint last year. In April, Kansas Attorney General Kris Kobach sent a letter to Moynihan accusing the bank of terminating the accounts of “several religious groups with mainstream views over the past three years.”
Bank of America, in a May letter responding to Mr. Kovach, requested changes to the account’s stated purpose, the expected level and type of activity in the account, and specific documentation required by law. He said the account had been disconnected from his bank account due to failure to verify it and other reasons. .
According to the bank’s response, one of the accounts cited by Mr. Kobach was suspended because it had debt collection services inconsistent with the Bank of America division responsible for the account.
In its letter, the bank said: “We would like to be clear on a very simple matter: beliefs based on religious beliefs or political views will never be taken into account in any decisions related to our customers’ accounts. It’s not a factor.” “Bank of America provides banking services to nonprofit organizations affiliated with faith-based communities across the United States. We are building.”
Influential members of the Trump administration continue to claim that banks discriminate on the basis of religion and politics.
In November, Marc Andreessen, co-founder of his namesake venture capital firm, told podcaster Joe Rogan that dozens of startup founders had been stripped of bank loans in recent years. Andreessen said he advises Trump on technology issues.
Bank of America shares rose more than 1% Thursday, as did JPMorgan shares.
The banking industry is seen as one of the biggest beneficiaries of President Trump’s election, largely because Trump blocked Biden-era regulatory efforts to force banks to hold tens of billions of dollars in additional capital in case of losses. It’s because of the expectation that the president will stop it, and it’s stressful every year. Test reducing opacity and eliminating efforts to cap credit card and overdraft limits.
