Donald Trump, in a fiery virtual address to global business leaders gathered in Davos, Switzerland, launched a sharp critique of Bank of America, accusing the financial institution of discrimination.
Speaking from Washington, D.C., the president accused major banks, including JPMorgan Chase, of blocking conservative businesses from accessing services, a claim the banks have denied.
Trump’s remarks came during a live-streamed session where Bank of America CEO Brian Moynihan posed a question about the impact of Trump’s executive orders on economic growth. While initially praising Moynihan for doing a “fantastic job,” Trump quickly shifted tone, alleging that conservatives often find themselves sidelined by banks. “I hope you start opening your bank to conservatives,” Trump said. “They don’t take conservative business.”
The accusation was met with silence from Moynihan, who sidestepped the issue entirely and instead highlighted Bank of America’s role as a sponsor for the upcoming World Cup. Later, Bank of America spokesperson Bill Halldin refuted the claims, stating, “We serve more than 70 million clients. We welcome conservatives and have no political litmus test.”
The president’s remarks were a notable deviation from an otherwise cordial question-and-answer session about economic policy. Trump’s critique aligns with ongoing claims from some conservative state attorneys general who have accused the bank of debanking Christian organizations and engaging in politically discriminatory practices. These accusations have intensified following the bank’s compliance with FBI and Treasury Department investigations into transactions after the January 6, 2021, Capitol riot.
Bank of America, however, has denied targeting specific political or religious groups, stating that account decisions are not influenced by customers’ beliefs. The bank has also rejected allegations of shutting down accounts belonging to a Memphis-based Christian group that advocates for pro-life causes.
Trump did not limit his criticisms to Bank of America. He also lambasted JPMorgan Chase CEO Jamie Dimon, suggesting that political interference, potentially under President Biden’s administration, might be influencing the banks’ decisions. “I hope you’re going to open your banks to conservatives because what you’re doing is wrong,” Trump told the financial leaders.
First Lady Melania Trump last year discussed the challenges she faced post-White House, revealing how her political affiliations led to punitive measures from service providers, including her bank and an email service provider.
Melania Trump recounted specific instances, including a bank abruptly ending their business relationship with her and an email provider terminating her agreement, both allegedly due to her political beliefs. She also shared how a university rejected her philanthropic donations for foster student scholarships upon learning of her involvement, emphasizing the broader harm caused by such decisions, particularly to vulnerable communities.
This phenomenon of service denial is increasingly being used as a political weapon, raising concerns about the neutrality of service providers and the implications for free speech in a polarized era.
