Constellation Research founder R. Ray Wang previews President Donald Trump’s special speech at the World Economic Forum, “Bernie and Company.”
President Donald Trump singled out Bank of America CEO Brian Moynihan on Thursday at the World Economic Forum, accusing the bank of not providing banking services to conservatives. .
“You’ve done a great job,” Trump told Moynihan during a question-and-answer session. That included a place called Bank of America… They don’t accept conservative business. ”
Bank of America Chairman and CEO Brian Moynihan (inset) is optimistic about the economic environment under the second Trump administration. (FOX Business/Getty Images/FOX Business)
“I don’t know if the regulators mandated it because of President (Joe) Biden or what,” Trump continued, “but you and (JPMorgan CEO Jamie Dimon) And I hope you’ll open your banks, conservatives, because what you’re doing is wrong. ”
Moynihan did not respond to President Trump’s remarks about fair banking for conservatives, instead changing the subject and telling the president that Bank of America is looking forward to sponsoring the World Cup when it comes to the United States. I told him.
Big Bank CEO Says President Trump’s Fiscal Policy Puts Us ‘No. 1’ One of the Places We Will Invest Again
A Bank of America spokeswoman denied that the bank closed the account for political reasons and said it “welcomes conservatives.”
“We serve more than 70 million customers and welcome conservatives,” a spokesperson told FOX Business. “We must comply with extensive government rules and regulations, which may result in the decision to terminate our relationship with a customer. We will never close an account for political reasons. I don’t have a political litmus test.”
A JPMorgan spokesperson said in a statement that the bank “never closes accounts for political reasons. We do so completely. We follow the law and regulatory guidance, and the current framework is not addressed by the U.S. government.” “I have long maintained that there are issues that need to be addressed.”
“We welcome the opportunity to work with the new administration and Congress on ways to remove regulatory ambiguity while preserving our nation’s ability to combat financial crime,” the spokesperson said.
President Donald Trump confronted Bank of America CEO Brian Moynihan on Thursday over allegations that the bank discriminates against conservatives. (Davis Turner/Getty Images/Getty Images)
Ticker Security Last Change Rate of Change BAC BANK OF AMERICA CORP. 46.39 +0.59 +1.29%
Bank of America has faced multiple allegations of discrimination against conservatives in recent years.
In a letter, attorneys general from 15 states accused Bank of America of “discriminatory practices” and denounced bank closure efforts that targeted customers for their religious and political beliefs.
Steve Curtis, founder of Timothy Two Project International, detailed his organization’s experience with Bank of America.
Investment bankers say Trump’s mergers and acquisitions are already booming.
The organization requires international travel and focuses on training pastors who may not have access to formal education.
Curtis told “FOX & Friends First” that the organization received a letter from the bank in 2020 stating that the account would be restricted within 21 days and permanently closed within 30 days.
Rep. Jim Jordan (R-Ohio) released a report detailing how the federal government allegedly snooped on Americans’ bank records and Adam Jordan, who opposed Biden’s preemptive pardon. I talked about Schiff.
“There were people from all over the world,” Curtis emphasized. “We travel a lot, so we need these cards in the field. So it could have been very disruptive for us,” he continued.
Mr. Curtis said the bank offered no reason other than that it was “engaged in the type of business we choose not to serve.” He went on to say that they still have “no idea why.”
Bank of America denied the allegations in a statement at the time, saying, “Religious beliefs are not a factor in our decision to close accounts. We are committed to providing banking services to nonprofit organizations affiliated with diverse faith communities across the United States.” I’m proud.” . ”
CLICK HERE TO GET FOX BUSINESS ON THE GO
In another report last year, conservative groups named Bank of America as one of several Wall Street banks that allegedly discriminated against the firearms industry.
The American Accountability Foundation’s report, titled “Debanking by Banks,” examines how Wall Street giants, including Goldman Sachs, Wells Fargo, and Bank of America, are using their control of capital to It highlights how it has weakened gun manufacturers. Retailers and organizations representing legal gun owners.
FOX Business’ Chris Pandolfo and Alicia Warren contributed to this report.
