Trump says JPMorgan Chase and Bank of America cut ties with him after the 2020 election.
WASHINGTON—President Donald Trump confirmed on Tuesday that he will sign an executive order this week aimed at penalizing banks he claims have discriminated against conservatives, including himself.
In an interview with CNBC’s “Squawk Box,” Trump confirmed he would be signing the order and accused major banks—such as JPMorgan Chase and Bank of America—of “very badly” discriminating against him after the 2020 election.
“I‘ll give you me as an example,” Trump said. “I had hundreds of millions. I had many, many accounts loaded up with cash. 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 he reminded JPMorgan of their decades-long relationship.
“I said, ‘You got to be kidding. I’ve been with you for 35–40 years.’ … I didn’t know what to do with it.”
Bank of America also refused to do business with him, Trump said, forcing him to move his money to smaller banks.
“I went to another one, another one, another one, another one. I ended up going to small banks all over the place. I mean, I was putting 10 million here, 10 million there,” he said.
Trump said that the same treatment has been given to many conservatives, particularly his supporters.
The Wall Street Journal first reported on the upcoming executive order, stating that it will target banks involved in alleged discrimination against conservatives and crypto companies.
Trump alleged that his political opponents pressured banking regulators to target him, saying banks “are not afraid of anything but a regulator.”
He alleged that the previous administration instructed banking authorities to “do everything you can to destroy Trump, and that’s what they did.”
The Epoch Times has reached out to JPMorgan Chase and Bank of America for comment.
In a January statement, a Bank of America spokesperson told The Epoch Times: “We serve more than 70 million clients and we welcome conservatives. We are required to follow extensive government rules and regulations that sometimes result in decisions to exit client relationships. We never close accounts for political reasons and don’t have a political litmus test.”
This is a developing story that will be updated.
By Emel Akan
