US EditionTrump set to sign executive order going after ‘debanking’
- President Donald Trump signed an executive order on Thursday to punish banks for restricting services based on political or religious beliefs and formalize debanking protections.
- The order addresses allegations made by Trump and conservative organizations that certain major financial institutions have engaged in politically motivated discrimination, though these banks reject the claims and maintain that their actions are driven by regulatory compliance.
- The order directs regulators to remove 'reputational risk' language from banking guidance, review policies seen as encouraging politicized debanking, and instructs the SEC to ease 401 investment rules for alternative assets including private equity and cryptocurrency.
- The CEO of Bank of America expressed support for Trump’s focus on regulatory matters, stating the president is addressing a key issue, while a company representative chose not to comment on the allegations regarding Trump's debanking claims but acknowledged the need for changes in regulation.
- The executive order could lead to investigations and fines for banks, unlock trillions in 401 retirement savings for private equity, and signal continued political battles over banking practices and regulatory oversight.
121 Articles
121 Articles
'Debanking' BANNED in America in major free speech victory
President Donald Trump has signed an executive order requiring US banks not to refuse financial services to anyone due to their political or religious views.The move comes after Trump revealed earlier this week that JP Morgan Chase and the Bank of America refused to take his deposits during his first term in the White House. Trump's executive order noted that certain financial institutions were involved in "government-directed surveillance progr…
Trump signs executive order cracking down on ‘debanking’: ‘Incompatible with a free society’
President Trump signed an executive order Thursday aimed at preventing banks from refusing to offer financial services to people based on their political beliefs or lawful business activities – a practice known as “debanking.”
President Trump order prevents banks from denying business over politics. What it means for Bank of America
CHARLOTTE, N.C. (QUEEN CITY NEWS) -- Charlotte-based Bank of America and other financial giants are the targets of President Donald Trump’s latest executive order. The order, signed Thursday afternoon, prohibits banks from denying business on political beliefs. In an interview with CNBC on Tuesday, Trump accused Bank of America CEO Bryan Moynihan of refusing his business following his first term in the White House. “Brian was kissing my ass when…
New executive order takes aim at debanking
(The Center Square) – Among the executive orders President Donald Trump signed Thursday was one instructing federal banking regulators to shed language from their guidance documents that the administration believes can lead to the debanking of people or institutions for…
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