The White House is preparing a new executive order aimed at protecting Americans from politically motivated financial discrimination, known as “debanking.” The forthcoming order would authorize federal regulators to investigate banks that deny services or close accounts based on political or religious beliefs. Institutions found in violation could face penalties under the Equal Credit Opportunity Act or other applicable statutes. The move comes amid growing public concern that large financial institutions are being used as tools of ideological enforcement against conservatives.
President Trump has publicly accused JPMorgan Chase and Bank of America of targeting him personally. He alleges that both banks rejected his attempts to deposit funds, citing internal risk concerns after his first term. As a result, he reportedly shifted significant assets to smaller banks. These allegations follow similar concerns voiced by conservative and Christian organizations that claim they have been denied service or de-platformed by banks due to their social or political views.
Industry defenders argue that most account closures result from regulatory compliance and not ideological targeting. However, critics say banks have increasingly used ambiguous criteria—such as “reputational risk”—to justify cutting ties with clients deemed controversial. Earlier this year, the Office of the Comptroller of the Currency issued a directive restricting banks from using reputational risk as a primary reason for denial of service, providing a legal foundation for Trump’s proposed executive action.
The executive order is expected to require transparency from financial institutions regarding account closures and to prohibit discrimination based on constitutionally protected activity. It also signals the administration’s commitment to restoring viewpoint neutrality across critical public services, especially in light of increased political polarization and allegations of systemic bias against conservative individuals and organizations.
