United States President, Donald Trump on Tuesday, August 5, accused major U.S banks of refusing to do business with him due to his conservative political views, a claim that echoes long-standing complaints from right-wing figures about alleged discrimination.
Trump said county’s top two lending had previously rejected his deposits, ramping up his attack on the industry.
“They did discriminate”, Trump said of actions taken by JPMorgan after his first term in office.
“They discriminate against many conservatives”, Trump said during an interview on CNBC. He also hinted the executive order addressing the issue may be in the works.
Trump claim that both JPMorgan Chase and Bank of America rejected him after his Presidency, allegedly on retaliation for his political stance and the events surrounding the January 6, 2021, Capital riot.
Trump said that the bank’s refusal to take his deposits indicated that the administration of former President Joe Biden had encouraged regulators to “destroy Trump”, saying he subsequently tried to deposit funds with B and A and was also refused, and eventually split the cash. “I had hundreds of millions, I had many accounts loaded with cash…and they told me, I’m sorry sir, we can’t have you. You have 20 days to get out.
“I ended up going to small banks all over the place.
“I was putting $10 million here, $10 million there, did $5 million, $10 million, $12 million”, he said, without naming the lenders.
According to Trump, JPMorgan Chase gave him 20-day notice to close his accounts .
He also said that when he attempted to open accounts at Bank of America “after I was President” , the Bank refused.
“I personally spoke with (JP Morgan CEO) Jamie Dimin and Bank of America CEO) Brain Moynihan”, Tump said.
“Brain was kissing my ass when I was President to deposit a billion dollars plus and alit of other things, he said, “We can’t do it”.
Bank of America declined to comment directly on Trump’s statements but reiterated that political beliefs do not factor into decisions about customers accounts.
The bank also noted it had worked with the Trump administration in the past to improve regulatory clarity.
JPMorgan likewise said it does not close account based on political views. While the bank did not comment on Trump specific claims, it issued a statement saying: “We’re pleased to see the White House is addressing this issue, for which we’ve been advocating for many years, and look forward to working with them to get this right”
Trump lastest criticism adds pressure on America’s largest lenders, and would likely require banks to conduct sweeping reviews of their businesses to comply with regulations.
-9News Nigeria.
