- President Donald Trump spoke practically at the World Economic Forum on Thursday.
- During his speech, he accused the banks of being the American Bank of discrimination against the conservatives.
- The Bank of America replied, saying it does not have the “political greed test”. JPMORGAN Chase said “would never close an account for political reasons”.
The Bank of America and JPMORGAN Chase denied President Donald Trump’s claim that the bank discriminated against the conservatives.
In a virtual appearance Thursday at the World Economic Forum in Davos, Switzerland, Trump called the Bank of America and other banks, including JPMORGAN Chase, for refusing to serve conservatives.
“Many conservatives complain that banks are not allowing them to do business within the bank, and this included a place called the Bank of America,” Trump said without including any specific case of discrimination.
“You, Jamie, and everyone, I hope you will open your banks to the conservatives because what you are doing is wrong,” he said, referring to the JPMORGA Jamie Dimon’s CEO.
In a statement, the American Bank said it welcomes conservatives among its 70 million clients.
“We will never close accounts for political reasons and we would not have a political proof of Lakmus,” the Bank of America wrote.
A JPMORGAN spokesman wrote in an email for Business Insider, “we never and will never close an account for political reasons, full stop. We follow the law and instructions from our regulators and we have long said there are problems with The current Washington frame needs address ”.
Trump’s comment came after Brian Moynihan, the Director General of the Bank of America, asked how the Trump administration would prioritize GDP growth and reduced inflation between dozens of executive orders.
Trump replied that his executive orders would only make him as he encouraged companies to enter. He said he would work to lower corporate tax levels to 15% from 21%, provided companies produce their products in the US
Trump’s summary comes after debates have accelerated the surrounding debit, or closing the accounts of people who are thought to pose a risk to the bank, such as money laundering or corruption. The chairman of the Banking Senate Tim Scott is the main efforts of the organization for a future debit session.
Debit debate returns to the Obama administration, during which the so -called “Choke Point Operation” discouraged banks to engage with salary lender and weapons vendors. In 2022, a banking regulator asked banks to stop “the activity related to the asset of crypts”.
State lawyers in the 2024 large claimed banks canceled the accounts of people with conservative views. Last April, Kansa’s Attorney General, Kris Kobach, accused the Bank of America of canceling the accounts of weapons manufacturers, immigration and customs implementation contractors, and groups of the Christian Ministry.
“The Bank of America’s practice to cancel the bank accounts of the Conservatives and even to return information about customer purchases in the implementation of federal law undermines free speech, religious freedom and intimacy,” Kobach said on paper. “It is discriminatory and possible illegal. As state lawyers, we will strongly defend the constitutional rights of all Americans when threatened by big business.”
The Bank of America responded at a time when de-bank accounts sometimes occur when they fail to verify some documents or change the stated purpose of an account.
“We would like to provide clarity on a very direct issue: religious beliefs or political -based beliefs are never a factor in any decision related to our client’s accounts,” the bank wrote at the time.
Entrepreneur capitalist Marc Andreessen also said in Podcast, Joe Rogan, that the 30 founders of technology and crypt have said that their companies were interrupted by banking regulators during the Biden administration.
At the JPMORGAN Chase Podcast “The Unshroakables” released on January 21, the chairman and CEO Jamie Dimon said about debit, “there must be much cleaner lines for what to do, and we have no reason to do” . He added, “We must fix it.”