White House readies order to fine banks for dropping clients over politics, WSJ reports

Source: Reuters

White House readies order to fine banks for dropping clients over politics, WSJ reports

Reuters
Mon, August 4, 2025 at 8:23 PM EDT
1 min read

(Reuters) -The White House is drafting an executive order that would impose penalties on banks for dropping customers for political reasons, the Wall Street Journal reported on Monday.

Citing a draft of the order, the Journal said regulators would be instructed to investigate whether any financial institutions breach the Equal Credit Opportunity Act, antitrust laws or consumer financial protection laws.

The order, which could be signed as early as this week, would authorize monetary penalties, consent decrees or other disciplinary measures against violators, the Journal reported.

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U.S. President Donald Trump in January said the CEOs of JPMorgan Chase and Bank of America did not provide banking services to conservatives. The two banks denied making banking decisions based on politics.

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Read more: https://www.yahoo.com/news/articles/white-house-preparing-order-fine-002347244.html