AXIOS🔥: President Trump is planning an executive order that would punish banks if they are believed to be discriminating against political conservatives.
The president has previously targeted law firms and media companies, but with banks — one of the most heavily regulated industries — the administration has a number of levers it can pull to apply pressure.
Appearing on CNBC Tuesday morning, Trump seemed to give a nod to a Wall Street Journal report that the White House is preparing an executive order directing regulators to penalize any bank found to have dropped a client on political grounds.
The president accused both JPMorgan Chase and Bank of America of discrimination, by refusing to take his personal business.
Both JPMorgan and Bank of America have said that political reasons are not a factor in their customer decisions.
On CNBC, Trump said of JPMorgan: " I had many, many accounts loaded up with cash. I was loaded up with cash. And they told me, 'I'm sorry, sir, we can't have you. You have 20 days to get out.' I said, 'You got to be kidding. I've been with you for 35, 40 years.'"
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The president has previously targeted law firms and media companies, but with banks — one of the most heavily regulated industries — the administration has a number of levers it can pull to apply pressure.
Appearing on CNBC Tuesday morning, Trump seemed to give a nod to a Wall Street Journal report that the White House is preparing an executive order directing regulators to penalize any bank found to have dropped a client on political grounds.
The president accused both JPMorgan Chase and Bank of America of discrimination, by refusing to take his personal business.
Both JPMorgan and Bank of America have said that political reasons are not a factor in their customer decisions.
On CNBC, Trump said of JPMorgan: " I had many, many accounts loaded up with cash. I was loaded up with cash. And they told me, 'I'm sorry, sir, we can't have you. You have 20 days to get out.' I said, 'You got to be kidding. I've been with you for 35, 40 years.'"
XPOST