President Trump has accused two major banks of political discrimination amid reports that he is preparing an executive order to punish financial institutions that hold a political bias.
Meet Samuel – Your Personal Investing Prophet
- Start a conversation with TipRanks’ trusted, data-backed investment intelligence
- Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds
“Banks are not afraid of anything but a regulator — their regulators and their wives,” Trump said in a CNBC interview on Tuesday, adding that he faced political discrimination from J.P. Morgan Chase (JPM) and Bank of America (BAC).
Trump Says He Faced Financial Discrimination Over Political Views
In the interview, Trump said he was told that J.P. Morgan had given him just 20 days to close his decades-old account, while Bank of America declined a $1 billion deposit from him. “The banks discriminated against me very badly,” Trump said.
In response, a J.P. Morgan spokesperson said, “We don’t close accounts for political reasons, and we agree with President Trump that regulatory change is desperately needed.”
Follow Trump’s social media posts and analyze their sentiment with TipRanks’ Trump Dashboard.
