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President Donald Trump called out Bank of America CEO Brian Moynihan at the World Economic Forum on Thursday, accusing the bank of not banking on conservatives.
“You’ve done a fantastic job,” Trump told Moynihan during a question-and-answer session, “but I hope you start opening up your bank to conservatives, because a lot of conservatives complain that the banks aren’t letting them do business inside the bank. and that included a place called Bank of America… They don’t take conservative business.”
Bank of America Chairman and CEO Brian Moynihan is optimistic about the economic environment under a second Trump administration. (FOX Business/Getty Images/FOXBusiness)
“And I don’t know if the regulators have mandated that because of the [President Joe] Biden or what,” Trump continued, “But you and [JPMorgan CEO Jamie Dimon] and everyone – I hope you’ll open your banks to the Tories, because what you’re doing is wrong.”
Moynihan did not respond to Trump’s remarks about fair banking for conservatives, and instead changed the subject, telling the president that Bank of America is looking forward to sponsoring the World Cup when it comes to the US.
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FOX Business reached out to Bank of America for comment.
A JPMorgan spokesman said in a statement that the bank “would never close an account for political reasons, period. We follow the law and guidance from our regulators, and we’ve long said there are problems with the current framework that Washington needs to address.”
“We welcome the opportunity to work with the new administration and Congress on ways to remove regulatory ambiguity while maintaining our nation’s ability to tackle financial crime,” the spokesman 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 | Safety | The last one | AmENdmENT | change % |
|---|---|---|---|---|
| BAC | BANK OF AMERICA CORP. | 46,49 | +0.69 |
+1.52% |
Bank of America has faced numerous accusations of discrimination against conservatives in recent years.
Attorneys general from 15 states called out Bank of America’s alleged “discriminatory conduct” in a letter condemning de-banking efforts that target customers for their religious and political beliefs.
Timothy Two Project International founder Steve Curtis detailed his organization’s experience with Bank of America.
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The organization, which requires international travel, focuses on training pastors who may not have access to formal education.
Curtis told FOX & Friends First that the organization received a letter in 2020 from the bank that said their account would be limited to 21 days and fully closed in 30 days.
Rep. Jim Jordan, R-Ohio, on a report detailing how the federal government allegedly tapped Americans’ banking records, and Adam Schiff opposing a preemptive Biden pardon.
“We had people all over the world,” Curtis pointed out. “We travel a lot and we need these cards on the field. And so, it had the potential to be very disruptive for us,” he continued.
Curtis said the bank failed to provide a reason other than the organization was “engaged in a type of business that they chose not to serve.” He went on to mention that they still “don’t know anything about why.”
Bank of America denied the allegations in a statement at the time, saying, “Religious beliefs are not a factor in any account closure decision. We are proud to provide banking services to nonprofit organizations affiliated with diverse faith communities throughout United States.”
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In a separate report last year, Bank of America was named by a conservative group as one of several Wall Street banks that allegedly discriminated against the firearms industry.
The report by the American Accountability Foundation, titled “Debanked by the Banks,” highlights how some of the biggest names on Wall Street — including Goldman Sachs, Wells Fargo and Bank of America — allegedly abused their control over capital to undercut firearms manufacturers. retailers and organizations representing legal gun owners.
FOX Business’ Chris Pandolfo and Alicia Warren contributed to this report.