Trump Prepares Order Targeting Bank Debanking Practices

President Donald Trump is preparing to sign an executive order that could take effect as early as this week, penalizing banks that allegedly discriminate against conservative customers and cryptocurrency firms by closing accounts or denying services for political reasons. The order instructs banking regulators to investigate potential violations of the Equal Credit Opportunity Act, antitrust laws, and consumer protection statutes, with possible fines and enforcement actions for violators. Regulators are also directed to eliminate internal policies that may have contributed to debanking and to review the Small Business Administration's loan partner practices. This move is framed as a response to Biden-era actions, notably 'Operation Chokepoint 2.0,' alleged to have targeted crypto and conservative groups. Recent high-profile cases involving major banks and affected organizations have intensified scrutiny of bank practices. While banks maintain that closures are due to regulatory and anti-money laundering concerns, the Trump administration is positioning itself as a defender against perceived financial sector bias.