- President Donald Trump spoke virtually at the World Economic Forum on Thursday.
- During his speech, he accused banks like Bank of America of discriminating against conservatives.
- Bank of America responded, saying it has no “political litmus test.” JPMorgan Chase said it “would never close an account for political reasons.”
Bank of America and JPMorgan Chase denied President Donald Trump’s claim that the bank discriminated against conservatives.
In a virtual appearance Thursday at the World Economic Forum in Davos, Switzerland, Trump called out Bank of America and other banks, including JPMorgan Chase, for refusing to serve conservatives.
“Many conservatives complain that the banks are not allowing them to do business within the bank, and that included a place called Bank of America,” Trump said without including any specific instances of discrimination.
“You, Jamie, and everybody, I hope you’re going to open your banks to conservatives because what you’re doing is wrong,” he said, referring to JPMorgan Chase CEO Jamie Dimon.
In a statement, Bank of America said it welcomes conservatives among its 70 million clients.
“We would never close accounts for political reasons and don’t have a political litmus test,” Bank of America wrote.
A JPMorgan spokesperson wrote in an email to Business Insider, “We have never and would never close an account for political reasons, full stop. We follow the law and guidance from our regulators and have long said there are problems with the current framework Washington must address.”
Trump’s comment came after Brian Moynihan, Bank of America’s CEO, asked how the Trump administration would prioritize GDP growth and reducing inflation amid his dozens of executive orders.
Trump responded that his executive orders would do just that while encouraging companies to move in. He said he would work to bring the corporate tax rate down to 15% from 21%, provided companies manufacture their products in the US.
Trump’s pushback comes after debates have accelerated surrounding debanking, or closing the accounts of people who are thought to pose a risk to the bank, such as money laundering or corruption. Senate Banking Chair Tim Scott is leading organization efforts on an upcoming debanking hearing.
The debanking debate goes back to the Obama administration, during which the so-called “Operation Choke Point” discouraged banks from engaging with payday lenders and gun sellers. In 2022, a banking regulator asked banks to pause “crypto asset-related activity.”
State attorneys general in 2024 alleged major banks canceled accounts of people with conservative views. Last April, Kansas Attorney General Kris Kobach accused Bank of America of canceling accounts of gun manufacturers, Immigration and Customs Enforcement contractors, and Christian ministry groups.
“Bank of America’s practice of cancelling the bank accounts of conservatives and even turning over information about customer’s purchases to federal law enforcement undermines free speech, religious freedom and the right to privacy,” Kobach said in the letter. “It’s discriminatory and likely illegal. As state attorneys general, we will vigorously defend the constitutional rights of all Americans when they are threatened by big business.”
Bank of America responded at the time that de-banking accounts sometimes happens when they fail to verify some documents or change an account’s stated purpose.
“We would like to provide clarity around a very straightforward matter: Religious beliefs or political view-based beliefs are never a factor in any decisions related to our client’s accounts,” the bank wrote at the time.
Venture capitalist Marc Andreessen also said on Joe Rogan’s podcast that 30 tech and crypto founders have said their companies were cut off by banking regulators during the Biden administration.
On JPMorgan Chase’s “The Unshakeables” podcast released on January 21, chair and CEO Jamie Dimon said of debanking, “There should be far cleaner lines about what we have to do, and we don’t have to do.” He added, “We need to fix it.”
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