JPMORGAN AND BANK OF AMERICA ‘DEBANKED’ TRUMP UNDER PRESSURE FROM BIDEN ADMIN OVER JANUARY 6TH: SOURCES - NYP
SCOOP: JPMorgan and Bank of America ‘debanked’ Trump under pressure from Biden admin over January 6 melee: Sources https://t.co/3PS81IQwDs
JPMorgan and Bank of America ‘debanked’ Trump under pressure from Biden admin: Sources https://t.co/XSrKUABHCM https://t.co/oy7z9QG7hr
JPMorgan Chase and Bank of America closed or refused to open accounts for Donald Trump shortly after he left office in January 2021, according to people with direct knowledge of the matter. The former president told CNBC on 5 August that the banks asked him to remove "hundreds of millions of dollars" within about 20 days, ending relationships that he said stretched back four decades. Sources at both lenders say the decisions followed behind-the-scenes pressure from Biden-era banking regulators—including the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp. and the Federal Reserve—who warned that servicing Trump after the January 6 Capitol riot posed a heightened "reputational risk." The two banks rank first and second in U.S. assets. Bank of America declined to comment. JPMorgan said in a statement that it "does not close accounts for political reasons" but agreed "regulatory change is desperately needed" and would work with the White House on revisions to the reputational-risk rules. Now in his second term, President Trump said he will issue an executive order aimed at banning politically motivated account closures. Senator Tim Scott, a South Carolina Republican, is preparing legislation with similar objectives.