Trump to Sign Order Penalizing Politically Motivated ‘Debanking’

President Donald Trump plans to sign an executive order cracking down on “debanking,” a term used to describe financial institutions that selectively close customer accounts or deny services based on political or ideological beliefs.

The order directs bank regulators to investigate whether any financial institutions might have violated the Equal Credit Opportunity Act, antitrust laws, or consumer financial protection laws, The Wall Street Journal first reported.

The CEO of Bank of America “was kissing my a– when I was president, and when I called him after I was president, to deposit $1 billion-plus and a lot of other things … ‘No, we can’t do it,’” Trump said during an appearance on CNBC Tuesday morning. “That’s because the banks discriminated against me very badly. And I was very good to the banks. I had the greatest economy in the history of our country when I was president.”

Conservatives have accused Bank of America of shutting down the accounts of a Christian organization in Uganda, Indigenous Advance Ministries, due to its religious beliefs.

When the nonprofit’s account was canceled, it had to delay paychecks to Ugandans who live meal to meal.

“Everyone needs access to basic financial services. Shutting people out because of their political or religious beliefs? That’s not just wrong—it’s un-American,” said Alliance Defending Freedom senior counsel Brian Knight, who is representing Indigenous Advance Ministries.

“No one should be locked out of the financial system for their views. Period,” he continued. “No American should have to worry that they could lose their bank account or have a payment declined because of their religious or political beliefs.”

Trump said Tuesday morning that banks have discriminated against “many conservatives.”

“The banking regulators do everything you can to destroy Trump. And that’s what they did,” he said. “And guess what? I’m president. How did that happen?”

Those who participate in debanking could be subject to monetary penalties, consent decrees, or other disciplinary measures.