President Trump Alleges Political Discrimination by Major U.S. Banks Over $1 Billion in Deposits
President Donald Trump has accused some of America’s largest financial institutions of rejecting more than $1 billion in deposits from him and his businesses, citing politically motivated discrimination.
In a recent interview with CNBC, Trump said JPMorgan Chase, Bank of America, and other Wall Street banks denied his funds, forcing him to use smaller banks spread across the country.
“The banks discriminated against me very badly,” said President Trump, claiming that conservatives are being systematically “debanked” by the U.S. financial system.
Trump Claims JPMorgan and BofA Cut Ties After His First Term
“They Didn’t Want to Deal With Me,” Says President
According to Trump, JPMorgan gave him just 20 days’ notice before shutting down his accounts, while Bank of America refused to do business with him after he left office in 2021.
Trump also alleged — without providing evidence — that the Biden administration pressured regulators to isolate him financially before he returned to office in 2025.
Executive Order Incoming to Stop Political Targeting by Banks
As part of his second-term agenda, President Trump revealed that his administration is preparing to sign an executive order that would ban banks from closing accounts based on political beliefs.
A report by The Wall Street Journal indicates that the order could be released this week, targeting what Trump calls “financial censorship” by Wall Street institutions.
The White House declined to comment directly but sources say the policy is designed to safeguard free expression and prevent discrimination against individuals and organizations aligned with conservative values.
Trump Organization Sued Capital One for Terminating Accounts
President Trump’s company has already filed a lawsuit against Capital One, accusing the bank of improperly cutting ties following the January 6 Capitol riot. Capital One has denied the allegations and maintains that the decision was business-driven.
Meanwhile, top banks have issued statements denying political bias in their account practices.
“We don’t close accounts for political reasons,” said Trish Wexler, spokesperson for JPMorgan Chase.
Bank of America CEO Brian Moynihan added: “We bank 70 million consumers, 12 million small businesses, and more middle market companies than anybody else. We bank everybody.”
Senate Republicans Push Law to End ‘Reputational Risk’ Banking
Congressional Republicans have introduced legislation that would ban regulators from using “reputational risk” to influence banking decisions. Treasury Secretary Scott Bessent has already begun limiting such supervisory discretion under the current Trump administration.
“The heart of the problem is regulatory overreach,” said a Bank Policy Institute spokesperson. “We’re hopeful the upcoming executive order will reinforce progress.”
Conservative activists and lawmakers say right-leaning organizations, oil and gas companies, gun manufacturers, and even crypto firms have been unfairly targeted under the pretense of risk management.
Trump Earned Over $1.6 Billion During First Term, Says Watchdog
A new review by the Citizens for Responsibility and Ethics in Washington (CREW) has revealed that Donald Trump earned at least $1.6 billion in outside revenue during his first term (2017–2021), mainly through the Trump Organization and affiliated businesses.
Despite Trump’s repeated claims that he donated his presidential salary, CREW said those donations amounted to less than 0.1% of his total earnings in office.
“The gesture was a fig leaf to cover up four years of brazen corruption,” CREW stated.
While some income figures were vaguely reported as “Over $5 million,” CREW’s analysis places Trump’s earnings between $1.6 billion and $1.79 billion, though the exact personal profit remains unclear due to the private structure of his businesses.
