President Donald Trump has once again taken aim at the Biden-Harris administration, accusing them of orchestrating efforts to "destroy" him and other conservatives by pressuring banks to sever ties.
In a recent conversation with CNBC, Trump revealed his plans to issue an executive order aimed at preventing financial institutions from deplatforming conservatives or cryptocurrency companies.
As reported by Breitbart, Trump specifically criticized major financial entities such as JPMorganChase and Bank of America, recounting how they ceased their business relationships with him. He detailed an incident where JPMorganChase allegedly gave him a mere 20 days to relocate "hundreds of millions of dollars in cash."
Trump recounted his conversation with Bank of America CEO Brian Moynihan, stating, "[Bank of America CEO Brian Moynihan] said, We cant do it. So I went to 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 further asserted, "The banks discriminated against me very badly they discriminate against many conservatives."
Trump did not hold back in attributing blame to the current administration, suggesting that the Biden-Harris team, or those advising them, have been instrumental in influencing banking regulators to target him.
He elaborated, "I believe that Biden or Kamala and I dont think theyre smart enough to do it but the people that are surrounding the beautiful Resolute Desk, you know, the high-IQ people that are radical left, I believe they told the Banking Commission the banking regulators do everything you can to destroy Trump, and thats what they did."
In response to these allegations, a spokeswoman for JPMorganChase issued a statement clarifying the bank's stance. "We dont close accounts for political reasons," she asserted, adding, "and we agree with President Trump that regulatory change is desperately needed. We commend the White House for addressing this issue and look forward to working with them to get this right." The spokeswoman emphasized the bank's commitment to fair access and its opposition to closing accounts based on political or religious beliefs. She also noted the industry's ongoing efforts to prevent the politicization of banking systems.
Trump has consistently advocated for the nation's leading banks to provide services to conservatives without bias. During his administration, he addressed this issue at the World Economic Forum, urging Bank of America and JPMorganChase's leadership to reconsider their practices.
Jamie Dimon, CEO of JPMorganChase, has pointed fingers at federal regulators for compelling banks to deplatform "high-risk" clients. Dimon explained, "But where Marc is right is all these examples where they put a lot of pressure on us and they tell us what is high-risk, and if we dont debank someone and something goes wrong, we can pay hundreds of millions dollars of fines. So, a lot of banks are guessing, like, We should get rid of these people because if we dont get rid of them, well be fined. And youve seen that over and over and over."
This ongoing debate highlights the tension between regulatory pressures and the principles of free-market economics, raising questions about the balance between risk management and political neutrality in the banking sector.
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