Trump Signs Order Against Bank Discrimination

• Trump signed an order against discrimination by banks.
• The order requires a review of incidents of debanking.
• Banks are not allowed to close accounts due to political views.

President Donald Trump on Thursday signed an order that requires federal regulators to review whether banks are discriminating against conservative clients and certain industries, such as gun manufacturers and cryptocurrency companies. This order addresses issues known as "debanking," when banks close accounts of individuals or refuse to cooperate with certain industries.

Trump accused banks, such as JPMorgan and Bank of America, of debanking their clients, which banks deny. The order requires regulators to review incidents of discrimination and refer these cases to the Department of Justice.

This action could lead to civil or criminal investigations, as well as fines for banks. Trump also stated that banks are not allowed to close accounts due to political or religious views of their clients. The issue of debanking has become significant for conservative groups, which believe they have become victims of leftist discrimination in the corporate world.

The order also instructs regulators to adopt the term "reputational risk" in their guidelines, as many businesses believe this term has become a reason for banks to refuse to cooperate. Trump and his allies link this situation to the administration of Barack Obama, which instructed banks to avoid working with "high-risk" industries.

Tags: USA/Politics