OAN Staff Katherine Mosack and Brooke Mallory
4:58 PM – Friday, August 8, 2025
President Donald Trump’s new Executive Order (EO) “Guaranteeing Fair Banking for All Americans” will penalize “debanking” and prevent discrimination from financial institutions.
The EO, enacted on Thursday, characterizes “politicized or unlawful debanking” as any action undertaken by a financial services provider that restricts access to, or alters the terms of, accounts, loans, or other banking products or services. Such actions are deemed politicized or unlawful if they are predicated upon the customer’s political or religious beliefs, or any lawful commercial activities that the provider opposes or disfavors for political reasons.
It also mandates that banking decisions be grounded in objective, risk-based evaluations and it directs federal banking regulators to eliminate policies and practices that encourage discriminatory debanking.
The Secretary of the Treasury will be responsible for developing a “comprehensive strategy for further measures to combat politicized or unlawful debanking activities.” This includes “consideration of legislative or regulatory options,” the GOP president noted.
Furthermore, the Order instructs the Small Business Administration (SBA) to require all financial institutions within its jurisdiction to make efforts to remedy situations where clients had previously been denied services due to unlawful debanking, and to reinstate them, if possible.
The White House released a corresponding fact sheet alongside the EO, going into more detail about the new requirements, and explaining Trump’s reasoning for pushing back on financial institutions.
“The banks discriminate against conservatives, they discriminate against religion, because they’re afraid of the radical left, I suspect,” Trump said, according to the White House. “We’re going to get them. Nobody knows the banking industry better than me, and I’m not going to let them take advantage of you any longer.”
Senator and Chairman of the Senate Committee on Banking Tim Scott (R-S.C.) applauded the new EO in an official statement, posted to X on Thursday:
“Debanking federally legal businesses and law-abiding citizen is un-American, and President Trump’s Executive Order (EO) is a critical step towards protecting Americans’ access to financial services,” Scott’s statement read. “I am glad to see today’s EO which will ensure that no regulator, and no bank, is above the principles of fairness and market access.”
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