The White House is preparing to step up pressure against big banks over perceived discrimination against conservatives and crypto companies with an executive order that threatens to fine lenders that drop customers for political reasons. https://t.co/KsVvyBkYph
WHITE HOUSE PREPARING ORDER TO TARGET BANKS THAT DISCRIMINATE AGAINST CRYPTO AND CONSERVATIVES The White House is drafting an executive order to address debanking practices, aiming to penalize banks that discriminate against conservatives and crypto companies. Source: https://t.co/nWZo2xehXW
Law firms were targeted. Media was targeted. Universities were targeted. Next power center? Banks. https://t.co/bauPKuK1yY
The White House is drafting an executive order that would fine large banks for closing accounts or denying services to customers on political grounds, particularly conservatives and cryptocurrency businesses, the Wall Street Journal reported, citing unnamed sources. The proposal would direct federal banking and consumer-protection regulators to investigate potential credit, antitrust and consumer-law violations when lenders “debank” clients. Penalties could be imposed on institutions found to have discriminated against customers because of their political views or industry sector. President Donald Trump could sign the order as soon as this week, according to the report. The move would intensify administration scrutiny of Wall Street following conservative complaints that major lenders and payment processors have curtailed access for certain ideological groups and crypto-related firms. The White House and Treasury Department have not commented publicly on the draft.