Trump challenges BofA CEO Moynihan: 'I hope you start opening your bank to conservatives' [View all]

Source: Yahoo! Finance

Trump challenges BofA CEO Moynihan: 'I hope you start opening your bank to conservatives'

David Hollerith · Senior Reporter
Thu, January 23, 2025 at 2:05 PM EST 4 min read

President Donald Trump confronted Bank of America (BAC) CEO Brian Moynihan Thursday over a claim gaining traction in conservative circles: that customers are being ‘de-banked’ for their personal beliefs.

“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 told Moynihan during a virtual question and answer session at the World Economic Forum in Davos, Switzerland.

-snip-

Banks, however, have pushed back repeatedly on the idea that they are denying customers of a particular political stripe.

When asked about Andreessen's claims during a Chase podcast interview published earlier this week, JPMorgan's Dimon said, "We have not de-banked anyone because of political or religious relationships, period."

What Dimon instead argued is that US rules such as the Bank Secrecy Act discourage banks from dealing with customers that are considered high-risk — and that there needs to be clearer regulation on that front.

-snip-

Read more: https://finance.yahoo.com/news/trump-challenges-bofa-ceo-moynihan-i-hope-you-start-opening-your-bank-to-conservatives-190534911.html