Banks that discriminated against conservatives may find themselves the subject of a federal investigation as President Donald Trump prepares a new executive order, according to a new report.
The Wall Street Journal reported that it has seen a draft of the order, which frames debanking conservatives as a violation of the Equal Credit Opportunity Act, antitrust laws, or laws protecting consumers.
The order could be signed this week, the Journal wrote, citing sources it did not name.
Punishment could come from fines or other tools, the report said, and the order would allow regulators to refer banks to the Justice Department for potential prosecution in certain situations.
I’d love to watch any deposition or congressional hearing in which @BankofAmerica tries to defend this statement claiming “we welcome conservatives” and “we would never close accounts for political reasons”
Could you defend that statement?
Can @BankofAmerica? https://t.co/ESShBrafHM pic.twitter.com/KlYExMLMOh
— Mike Lee (@BasedMikeLee) January 24, 2025
The Journal report said the order appeared to be keyed to Bank of America’s actions in 2023.
That year, Steve Happ, founder of Memphis-based Christian charity Indigenous Advance, was debanked, with the bank saying it was not a business the bank wanted to support, as noted by Christian Post.
“I asked them, ‘What type of business do you think we are?’ And they wouldn’t answer me,” Happ said at the time. “They said, I’m sorry, we cannot give you that information.’”
Do you support this executive order from Trump?
The draft order also highlights the role of banks in assisting prosecutions over the Jan. 6, 2021, Capitol incursion, the Journal reported.
A Bank of America representative said it will work with whatever the government proposes.
“We’ve provided detailed proposals and will continue to work with the administration and Congress to improve the regulatory framework,” the representative said, per the Wall Street Journal.
In January, Trump used a global platform to highlight Bank of America.
NEW: Trump calls out Bank of America CEO Brian Moynihan to his face, says banks should stop debanking conservatives during a virtual appearance at the World Economic Forum.
Lmao. Amazing.
The panel was clearly uncomfortable after Trump made the comment.
“I hope you start… pic.twitter.com/PZgH6LuDVQ
— Collin Rugg (@CollinRugg) January 23, 2025
“I hope you start opening your bank to conservatives,” Trump told Bank of America CEO Brian Moynihan in a clip posted to X.
“Many conservatives complained that the banks are not allowing them to do business within the bank, and that included a place called Bank of America,” Trump explained.
The gun industry would like a word with you @BankofAmerica
This level of gaslighting is almost hard to believe, even for an institution as corrupt as you. pic.twitter.com/fXomlhpOrR
— Michael Seifert (@realmichaelseif) January 24, 2025
“This conservative — they don’t take conservative business. And I don’t know if the regulators mandated that because of Biden or what,” Trump said, chastising Moynihan and others as “wrong.”
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