Zinger Key Points
- Trump accuses Bank of America of blocking conservative businesses from banking services.
- The bank denies bias, citing regulatory compliance for account closure decisions.
- Get the Real Story Behind Every Major Earnings Report
President Donald Trump confronted Bank of America Corp. BAC CEO Brian Moynihan and JPMorgan Chase & Co. JPM CEO Jamie Dimon on Thursday at the World Economic Forum, alleging discrimination against conservative clients.
Trump, addressing the audience via video conference, accused the financial giants of excluding conservative businesses, an allegation that the banks have denied, Fox Business reports.
What Happened: Trump directly confronted Moynihan, claiming that conservatives face banking discrimination. “I hope you start opening your bank to conservatives,” Trump said, alleging that certain financial institutions, including Bank of America, have refused to provide services to right-leaning clients.
Trump suggested regulatory pressure from the Biden administration could influence such decisions and urged financial leaders to reconsider their policies.
Moynihan did not respond to Trump’s remarks on the matter but instead shifted the discussion toward Bank of America’s sponsorship of the upcoming World Cup in the U.S. A spokesperson for the bank later refuted claims of political bias, saying, “We serve more than 70 million clients and we welcome conservatives.”
The bank insisted account closures are based solely on regulatory compliance, not political affiliations.
The president also called out Dimon, urging him to ensure fair access to banking services for conservative clients. A JPMorgan Chase spokesperson emphasized their stance, saying, “We never close accounts for political reasons, full stop.”
Why It Matters: Trump’s comments add to ongoing scrutiny over financial institutions allegedly engaging in “de-banking” practices. The issue has drawn attention from policymakers, with attorneys general from 15 states previously condemning what they describe as discriminatory banking policies, Fox Business reports.
In a broader context, Trump’s remarks at Davos underscored his focus on overhauling economic policies, with an emphasis on deregulation, tax cuts for businesses, and expanding domestic energy production. He positioned these measures as key drivers to encourage investment and strengthen U.S. manufacturing.
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