President Donald Trump has signed an executive order requiring US banks not to refuse financial services to anyone due to their political or religious views.
The move comes after Trump revealed earlier this week that JP Morgan Chase and the Bank of America refused to take his deposits during his first term in the White House.
Trump's executive order noted that certain financial institutions were involved in "government-directed surveillance programs" against conservatives in the aftermath of January 6.
REUTERS
|Trump's executive order noted that certain financial institutions were involved in 'government-directed surveillance programs' against conservatives (file photo)
The executive order went on to say that the act of debanking is "incompatible with a free society".
In an interview with CNBC on Tuesday, Trump said: "They totally discriminate against, I think, me maybe even more, but they discriminate against many conservatives.
"I had hundreds of millions, I had many, many accounts loaded up with cash and they told me, 'I'm sorry sir, we can't have you. You have 20 days to get out'," he added.
Trump then accused the Biden administration of encouraging regulators to "destroy" him.
In a statement posted after Trump spoke out, JP Morgan said: "We don’t close accounts for political reasons, and we agree with President Trump that regulatory change is desperately needed."
GETTY
|JP Morgan denied closing accounts for 'political reasons'
According to the White House, federal regulators encouraged banks to flag up individuals for transactions at conservative-owned companies, such as Bass Pro Shops and Cabela's.
It was revealed that peer-to-peer payments which included terms such as "Trump" or "Maga" were also pulled up, despite no evidence of criminal activity.
The Trump administration alleged that one major bank even denied processing ticket payments for Republican event.
In a joint statement, several large banking groups thanked Trump for taking steps to rein in "runaway regulations".
It comes just months after close Trump ally Nigel Farage finally reached a settlement with NatWest after his Coutts account was controversially shut down in 2023.
It is believed that NatWest agreed to pay the Reform UK leader an unspecified sum in damages to resolve the row.
Farage is understood to have withdrawn threats of potential civil and criminal proceedings against the high street banking giant in return.
The closure of the Brexit heavyweight's Coutts account led to former CEO, Peter Flavel, stepping down from his post.
NatWest boss Dame Alison Rose also left after the row.
NIGEL FARAGE |
Farage's Coutts account was controversially shut down in 2023
Reform treasurer Nick Candy is said to have played a vital part in settling the row during mediation talks between the two parties.
NatWest had initially claimed that Farage's account was closed down for commercial reasons, but the Clacton MP exposed evidence from internal communications at the bank that his political views had been a crucial factor.
Announcing the end of the feud, a joint statement from Farage and NatWest said: "NatWest Group and Nigel Farage MP are pleased to confirm that they have resolved and settled their dispute, and the bank has apologised to Mr Farage.
"The terms of settlement are confidential."