Trump says big banks have turned him away, revives discrimination allegations
President Trump said banks have turned him away and revived allegations of discrimination against his supporters by large banks while previewing a new executive order to punish those companies.
The president was asked in an interview with CNBC on Tuesday about The Wall Street Journal's reporting on a new executive order, which would direct bank regulators to investigate financial institutions for violations of the Equal Credit Opportunity Act, antitrust laws or consumer financial protection laws.
Trump insisted that banks do discriminate, giving the example of him being turned away from working with JP Morgan Chase after banking with the company for about 40 years.
“I could see if they want to... do something bad, because you don't have any money and you’re defaulted. Take those people out,” Trump said. “I'll give you me as an example. I had hundreds of millions. I had many, many accounts loaded up with cash, loaded up with cash, and they told me, ‘I’m sorry sir, we can’t have you. You have 20 days to get out.’”
He also said he would call Bank of America CEO Brian Moynihan “routinely” and that he was “kissing my a—when I was president” but then turned him away after his first term. Trump said he went to smaller banks to deposit his money.
“When I called him after I was president to deposit a billion dollars plus, and a lot of other things, more importantly to open accounts ... he said, 'We can't do it,' " Trump said, referring to Moynihan.
“I ended up going to small banks all over the place. I mean, I was putting $10 million here, $10 million there… the craziest thing. And it’s lucky I even had them. They were doing me a favor and that’s because the banks discriminated against me very badly, and I was very good to the banks,” the president added. “Had the greatest economy in the history of our country when I was president. And by the way, our economy now will blow that away, as you see it happening.”
The president argued, without evidence, that big banks discriminate against his supporters, renewing allegations long advanced by Republicans who have criticized a series of actions by major financial firms.
During a speech at the World Economic Forum in Davos, Switzerland in January, Trump also accused large banks of discriminating against conservatives. JPMorgan Chase and Bank of America pushed back on his comments at the time.
In his interview Tuesday, Trump further claimed without evidence that former President Biden’s administration told banking regulators to “destroy Trump.”
“They discriminate against many conservatives… I think the word might be Trump supporters more than conservatives,” Trump said.
The Wall Street Journal reviewed a draft of the new executive order, which could be signed as soon as this week.
The outlet reported that banks that are found in violation of anti-discrimination laws would be subject to fines or disciplinary measures and while it doesn’t name any specific banks, it appears to refer to Bank of America as an example of an alleged discriminatory bank.