Former U.S. President Donald Trump has reignited controversy over alleged political bias in the banking sector, claiming that major financial institutions, including JPMorgan Chase and Bank of America, refused to do business with him following his departure from the White House in 2021.
In a recent appearance on CNBC, Trump stated that JPMorgan informed him his accounts were being closed, despite a relationship spanning nearly four decades. “I was loaded up with cash and they told me, ‘I’m sorry, sir, we can’t have you. You have 20 days to get out’,” he said. “I’ve been with you for 35, 40 years.”
Trump further alleged that Bank of America also declined his business, even after he personally contacted its CEO, Brian Moynihan. “Brian was kissing my ass when I was president,” Trump remarked, adding that Moynihan later said, “‘We can’t do it. No, we can’t do it.’” According to Trump, he ultimately resorted to smaller banks to manage his finances.
These statements feed into a broader narrative advanced by conservatives in recent years — that large banks are denying services to individuals and businesses based on political ideology, particularly those aligned with right-wing causes or controversial sectors like cryptocurrency and fossil fuels.
Melania Trump echoed similar claims in her memoir, alleging that her bank closed her account following the January 6 Capitol riot and refused to open one for her son, Barron.
Banks, however, maintain that account closures are not politically motivated. Institutions cite stringent regulatory obligations when dealing with “politically exposed persons” (PEPs), as well as the increased compliance costs and oversight associated with certain industries.
Responding to the allegations, JPMorgan said in a statement:
“We don’t close accounts for political reasons, and we agree with President Trump that regulatory change is desperately needed. We commend the White House for addressing this issue and look forward to working with them to get this right.”
Bank of America CEO Brian Moynihan did not directly deny Trump’s claims during the CNBC interview but agreed that current regulations warrant review. “It is right to go look at these rules,” he said, adding that regulatory burdens may lead to decisions that could be questioned in hindsight.
The White House has not issued a formal comment. However, The Wall Street Journal reported that the Biden administration is preparing an executive order that would direct federal regulators to investigate unlawful discrimination by banks against clients.
Industry groups are closely watching developments. The Bank Policy Institute, which represents leading banks, stated:
“The heart of the problem is regulatory over-reach and supervisory discretion. We hope any forthcoming executive order will compel regulators to confront the flawed regulatory framework that gave rise to these concerns in the first place.”
As the U.S. approaches the next election cycle, the issue of alleged financial discrimination is likely to remain a politically charged topic — one with implications for the banking industry, regulatory oversight, and public trust.
