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President Donald Trump on Thursday accused the CEOs of the two largest American banks of refusing to serve conservatives, reviving a 2024 campaign talking point that the two companies deny. Speaking via video to an assembly held at the World Economic Forum in Davos, Trump lashed out at Bank of America CEO Brian Moynihan and JPMorgan Chase CEO Jamie Dimon as part of a question-and-answer session. “I hope you start opening your bank to conservatives, because 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. “You and Jamie and everybody, I hope you’re going to open your banks to conservatives, because what you’re doing is wrong,” Trump said. Moynihan, who was among a few executives selected to ask the president questions during the Q&A, didn’t immediately respond to the accusation. Both banks deny refusing service to conservatives. “We serve more than 70 million clients, we welcome conservatives and have no political litmus test,” a Bank of America official said in an email. “We have never and would never close an account for political reasons, full stop,” a JPMorgan spokeswoman said in a statement. “We follow the law and guidance from our regulators and have long said there are problems with the current framework Washington must address.” In the aftermath of the 2008 financial crisis, caused in part by shoddy lending standards at major banks, U.S. regulators increased pressure on lenders to purge clients in industries considered higher risk for money laundering or fraud. That meant that payday lenders, pawn ships, firearms dealers, and those involved in pornography had their accounts revoked, often with little notice or explanation as to why. As recently as October, Trump singled out Bank of America, repeating claims…

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Filed under: News - @ January 23, 2025 7:17 pm