Trump Plans Executive Order Penalizing Banks Over Conservative Bias Claims

President Donald Trump is preparing to sign an executive order aimed at punishing banks that he and conservative groups accuse of discriminating against them based on political ideology. The order would empower federal regulators to investigate and penalize financial institutions that allegedly engage in 'debanking' practices, such as closing or freezing accounts for political or religious reasons, with potential fines and referrals to the Justice Department. Trump has cited his personal experience of being denied banking services despite having substantial funds and longstanding relationships with banks like JP Morgan Chase and Bank of America. The draft order highlights cases including the closure of accounts belonging to a Ugandan Christian group and account freezes during the investigation into the January 6 Capitol riot. While banks maintain that their decisions are based on legal and regulatory risk management rather than political censorship, conservatives and some crypto firms argue that such practices are opaque and discriminatory. The move follows growing Republican criticism of financial institutions for what they call 'woke capitalism,' targeting entities aligned with conservative causes.