Former President Donald Trump recently criticized Bank of America CEO Brian Moynihan and JPMorgan Chase head Jamie Dimon for allegedly 'de-banking' conservatives. Trump claimed that many conservatives have faced challenges in conducting business with these banks due to perceived biases against them.
These allegations have been strongly refuted by both banks. Bank of America spokesperson Bill Halldin emphasized that the bank serves a diverse client base of over 70 million, including conservatives, and does not apply any political litmus test to its services. Similarly, JPMorgan spokesperson Patricia Wexler stated unequivocally that the bank has never closed an account for political reasons.
The controversy surrounding the alleged 'de-banking' of conservatives gained attention in conservative media last spring when state auditors and treasurers penned an open letter to Moynihan, highlighting instances where accounts of right-wing or religious organizations were reportedly shut down. However, the banks maintained that such actions were not motivated by political or religious affiliations.
These accusations are part of a broader narrative among American conservatives who perceive discrimination in initiatives promoting diversity, equity, and inclusion (DEI). Trump's reelection campaign notably focused on amplifying these grievances.
Shortly after assuming office, Trump issued an order placing employees in federal DEI offices on paid administrative leave as part of an effort to dismantle such initiatives. The move reflected the administration's stance against DEI programs and its alignment with the concerns raised by conservatives regarding perceived biases in various sectors.
