US President Donald Trump said that the Bank of America and JP Morgan Chase had earlier refused to accept their deposits.
“I think, maybe I discriminate me more, but they discriminate against many conservatives,” he told the CNBC in an interview on Tuesday. “I think this word can be a Trump supporter.”
When asked about the Wall Street Journal report, Trump has reacted.
According to a draft reviewed by the Reuters News Agency, the rules suggest to the regulators to review banks for “politics or illegal dubbing” methods.
“Okay, they discriminated,” JP Morgan Chase said the actions taken by JP Morgan Chase after his first tenure. “I had hundreds of millions, I had a lot of accounts with cash… and they told me, ‘I’m sorry sir, we can’t have you. We have 3 days to get out.”
Trump said, without evidence, he believed that if banks refused to take their deposits, it was found that banking regulators were encouraged to “destroy Trump” due to the stewardship of former US president Joe Biden.
Then Trump said that he then tried to raise funds to the Bank of the United States and was refused and finally divided the cash in several small banks.
He said, “Banks discriminated against me.
In a statement, JP Morgan did not pay attention to the specific claim of the President’s discrimination against him.
JP Morgan said, “We do not close the accounts for political reasons and we agree with President Trump that there is an urgent need for regulatory change,” said JP Morgan. “We appreciate the White House for solving this problem and looking forward to working with them to get this right.”
The Bank of the United States refuses to comment.
‘Prestigious risk’
During the Biden administration, the regulators asked the banks why they were providing banking services to the banks due to the “prestigious risk”, sources in the case told the Reuters’ news agency.
Another source said that banks are bringing intense inspection and pressure on what are qualified for the bank’s reputable risk, and they need to be careful due to Trump’s legal problems.
The source also states that JP Morgan currently has a banking relationship with family members who are years ago and also handles the accounts of many campaigns related to Bank Trump.
After Trump took power, the Federal Reserve announced in June that while inspecting the banks, removing the metric focusing on the industry’s complaints, he was instructed to consider his supervisor to consider the “prestigious risk”.
The Wall Street Journal reported late on Monday that the expected executive order would be directed to the regulators to investigate whether the same credit opportunity law, betrayal laws or consumer financial defense laws violate the laws of the law.
The order can be signed earlier this week, saying that other disciplined measures can be authorized against financial penalties, consent order or violations.
The White House did not immediately comment on the reported order.
Trump said in January that JP Morgan Chase and the CEOs of the Bank of America refused to serve conservatives. At that time, two banks refused to make a banking decision based on politics.
“It seems to be an rhetoric that will be forgotten at lunch,” said David Wagner, head of the Aptus Capital Advisors. “I do not see any physical effect on banks, because there are many drivers who eventually perform for banks like notation.”
Both banks have a hit on Wall Street. In New York till 11am (15:00 GMT), JP Morganchas is 1.6 percent down and the Bank of America is 1.4 percent below. Although Wales Fargo was not particularly given the names, the residents of the financial institution are less than 8.3 percent.
The market responds
Banks have consistently argued that any complaints about “debacking” should be aimed at the goal of regulators, as they argue that strict rules and bank supervisor police can refrain from investing in specific activities.
“This problem is a hearty and supervisory discretion,” the Bank Policy Institute, the industry group, said in a statement.
“Banking agencies have already taken steps to look into issues such as prestigious risks, and we hope that the upcoming executive order will strengthen this progress by directing the regulatory regulatory framework that gives birth to this concern in the first place.”
In January, Trump claimed that in the Q&A session, with the Bank of America CEO Bryan Moyneh, at the World Economic Forum in Davos, Davos, Switzerland, Trump was arrested by Conservative.
“I hope you start opening your bank with conservatives, because many conservatives complain that banks do not allow them to do business in the bank and it includes a place called Bank of America,” Trump said at the time.
Separately, in March, the Trump organization, a Holding Company for the Trump family business, filed a claim on the capital One Financial for closing the accounts of political reasons.
