‘We can’t do it’: How two major banks allegedly rejected Trump’s billions

President Trump said two American banks once refused to accept him as a customer, making his comment Tuesday as he prepares an executive order that would punish such institutions for discrimination against conservatives. Here’s what you need to know about the banking discrimination allegations:

The JPMorgan Chase rejection

Trump describes being told to move hundreds of millions:

• JPMorgan Chase told him he had 20 days to move “hundreds of millions of dollars in cash”
• Trump said he was forced to transfer funds to another bank
• President made comments in CNBC “Squawk Box” interview Tuesday
• Didn’t specify when alleged rejection happened or if personal or business accounts

The Bank of America refusal

Second major bank allegedly turned down billion-dollar deposit:

• Trump said he went to Bank of America with the JPMorgan funds
• Bank told him it couldn’t provide account to “deposit a billion dollars plus”
• Bank of America CEO Brian Moynihan said “We can’t do it” according to Trump
• President claims he was rejected despite offering massive deposits

The small bank strategy

Trump forced to spread money across multiple institutions:

• “So I went to another one, another one, another one”
• “I ended up going to small banks all over the place”
• “I was putting $10 million here, $10 million there”
• “The banks discriminated against me very badly, and I was very good to the banks”

The banks’ responses

Financial institutions deny political discrimination:

• JPMorgan Chase spokeswoman Patricia Wexler said bank doesn’t “close accounts for political reasons”
• Chase agreed “regulatory change is desperately needed”
• Bank “pleased to see the White House is addressing this issue”
• Bank of America said it doesn’t comment on Trump’s allegation but welcomes “regulatory clarity”

The Trump family pattern

Other family members report similar financial discrimination:

• Lara Trump said family had difficult time getting mortgage during 2024 legal battles
• Difficulties occurred when Trump faced at least four indictments
• Donald Trump Jr. said insurance agencies also dropped the family
• “The de-banking, the de-insurance, the de-everything. It was rough”

The executive order preparation

Trump drafting directive to investigate bank discrimination:

• Order directs bank regulators to investigate whether institutions violated laws
• Focus on Equal Credit Opportunity Act or consumer financial protection laws
• Targets barring conservatives from opening accounts
• Order expected to be signed later this week

The potential penalties

Violators could face serious consequences:

• Subject to monetary penalties according to draft order
• Consent decrees possible for violating institutions
• Other disciplinary measures available to regulators
• Wall Street Journal viewed copy of draft order

The 2023 precedent

Bank of America faced previous discrimination allegations:

• Accused of shutting down Christian organization’s accounts in 2023
• Organization operated in Uganda based on religious beliefs
• Bank said it closed accounts because it doesn’t serve small businesses outside U.S.
• Case provides precedent for current discrimination concerns

Trump’s theory

President blames Biden administration pressure:

• Believes banks rejected him and supporters due to regulatory pressure
• Says Biden administration regulators applied pressure to companies
• Financial institutions don’t want to risk angering current president
• Banks benefit from Trump’s efforts to roll back Biden-era rules

Read more:

• Trump says two banks rejected him over conservative leanings