Constellation Research founder R Ray Wang previews President Donald Trump’s special address to the World Economic Forum on ‘Varney & Co.’
President Donald Trump called out Bank of America CEO Brian Moynihan at the World Economic Forum on Thursday, accusing the bank of not offering banking to conservatives.
“You’ve done a fantastic job,” Trump told Moynihan during a question and answer session, “but I hope you start opening your bank to conservatives, because many conservatives complain that the banks are not allowing them to do business within 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, inset, is optimistic about the economic environment under a second Trump administration. (FOX Business/Getty Images / FOXBusiness)
“And I don’t know if the regulators mandated that because of [President Joe] Biden or what,” Trump continued, “But you and [JPMorgan CEO Jamie Dimon] and everybody – I hope you’re going to open your banks to conservatives, because what you’re doing is wrong.”
Moynihan did not respond to Trump’s remarks regarding fair banking for conservatives, and instead changed the subject, telling the president that Bank of America looks forward to sponsoring the World Cup when it comes to the U.S.
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A Bank of America spokesperson denied the bank has closed accounts for political reasons and said they “welcome conservatives.”
“We serve more than 70 million clients and we welcome conservatives,” the spokesperson told FOX Business. “We are required to follow extensive government rules and regulations that sometimes result in decisions to exit client relationships. We never close accounts for political reasons and don’t have a political litmus test.”
A JPMorgan spokesperson said in a statement that the bank would “never close an account for political reasons, full stop. We follow the law and guidance from our regulators and have long said there are problems with the current framework that Washington must address.”
“We welcome the opportunity to work with the new Administration and Congress on ways to remove regulatory ambiguity while maintaining our country’s ability to address 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 | Change % |
|---|---|---|---|---|
| BAC | BANK OF AMERICA CORP. | 45.79 | -0.87 | -1.86% |
Bank of America has faced multiple allegations of discriminating against conservatives in recent years.
Attorneys general from 15 states called out Bank of America’s alleged “discriminatory behavior” in a letter that condemns the de-banking efforts targeting customers for their religious and political beliefs.
Timothy Two Project International founder Steve Curtis detailed the experience that his organization had 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 restricted in 21 days, and completely closed in 30 days.
Rep. Jim Jordan, R-Ohio, on a report detailing how the federal government allegedly snooped on Americans’ bank records and Adam Schiff opposing a preemptive Biden pardon.
“We had people all over the world,” Curtis stressed. “We travel a lot and we need these cards in 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 had chosen not to service.” He went on to mention that they still “don’t know anything as to the why.”
Bank of America denied the claims in a statement at the time, saying, “Religious beliefs are not a factor in any account-closing decision. We are proud to provide banking services to non-profit organizations affiliated with diverse faith communities throughout the United States.”
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In a separate report last year, Bank of America was named by a conservative group as one of multiple Wall Street banks that allegedly discriminated against the firearms industry.
The report from 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 – have allegedly used their control over capital to undercut firearms manufacturers, retailers and organizations representing lawful gun owners.
FOX Business’ Chris Pandolfo and Alicia Warren contributed to this report.
