


It’s being reported by the Wall Street Journal that President Trump is about to punish banks for discriminating against crypto companies and conservatives.
They report he’s going to sign an executive order soon that would order an investigation into banks this type of discrimination and, should it be found, monetary penalties and other disciplinary measures will ensue.
Here’s more:
The White House is preparing to step up pressure against big banks over perceived discrimination against conservatives and crypto companies with an executive order that threatens to fine lenders that drop customers for political reasons.
A draft of the executive order, which was viewed by The Wall Street Journal, directs bank regulators to investigate whether any financial institutions might have violated the Equal Credit Opportunity Act, antitrust laws or consumer financial protection laws.
Violators could be subject to monetary penalties, consent decrees or other disciplinary measures, according to the draft.
The order could be signed as soon as this week, according to people familiar with the matter. It is possible the order could get delayed or that the administration’s plans will change.
The draft order doesn’t name any specific banks but appears to refer to an instance where Bank of America was accused of shutting down the accounts of a Christian organization operating in Uganda based on the organization’s religious beliefs. The bank has said it shut down the accounts because it doesn’t serve small businesses operating outside the U.S.
The draft order also criticizes the role that some banks played in an investigation into the Jan. 6, 2021, riots at the U.S. Capitol.