Trump, Banks Clash Over Alleged Political Debanking

President Donald Trump has accused JPMorgan Chase and Bank of America of refusing to accept over $1 billion in deposits from his businesses following his first term, alleging discrimination against conservatives and linking it to regulatory pressure after the January 6 Capitol events over 'reputational risk.' Sources at both banks reportedly attribute the actions to regulatory pressure, though bank representatives and Bank of America CEO Brian Moynihan have declined to comment directly. Trump claims these incidents are part of a broader pattern and is using them to justify a planned executive order to investigate 'debanking' practices for possible anti-discrimination and consumer protection violations. The allegations have sparked significant debate on Wall Street and among conservative groups, who argue that banks are increasingly excluding customers for political reasons. JPMorgan has denied closing accounts for political reasons, while Bank of America has not commented publicly. The situation highlights growing tensions between financial institutions, federal regulators, and political leaders over the role of politics in banking.