By Former President Donald Trump delivered a powerful speech at the World Economic Forum in Davos, Switzerland, addressing global leaders and financial elites. Speaking virtually on Thursday, Trump highlighted accomplishments made during his first week back in office and wasted no time critiquing prominent financial institutions and their executives.
Trump To Bank Of America CEO: What You’re Doing De-Banking Conservatives Is Wrong
More – https://t.co/T0Y5snrMEx
TRUMP: Many conservatives complain that the banks are not allowing them to do business within the bank, and that included a place called Bank of America.
I don’t… pic.twitter.com/v3j5RaDupG
— RCP Video (@rcpvideo) January 23, 2025
“What the world has witnessed in the past 72 hours is nothing less than a revolution of common sense,” Trump declared. “Our country will soon be stronger, wealthier, and more united than ever before.” During a question-and-answer segment, Trump directly addressed concerns about alleged political bias in banking. He criticized Chase Bank CEO Jamie Dimon and Bank of America CEO Brian Moynihan, accusing their institutions of unfairly targeting conservative account holders.
“I hope you start opening your bank to conservatives because many conservatives complain that the banks are not allowing them to do business,” Trump said, specifically referencing Bank of America. “You and Jamie and everybody, I hope you’re going to open your banks to conservatives because what you’re doing is wrong.” Trump also speculated that such practices might stem from regulatory pressure under the Biden administration. Moynihan, who was present on the panel, chose not to respond directly to the claims.
In the aftermath, Bank of America issued a curious statement denying any discrimination against conservatives.
— Bank of America (@BankofAmerica) January 23, 2025
However, the bank has previously faced criticism for policies viewed as politically motivated, including reports of loan refusals tied to gun control initiatives during Trump’s first presidency. Prominent conservatives, including former Trump attorney John Eastman, have voiced frustrations about unexplained account closures by major banks.
Eastman, a former lawyer for Donald Trump, has faced significant backlash for his association with the former president, including losing access to banking services at two major institutions. Both Bank of America and USAA closed Eastman’s accounts, citing “reputational risk,” though they did not provide detailed explanations. Eastman had banked with Bank of America for 40 years and switched to USAA due to dissatisfaction with Bank of America’s perceived political bias. However, USAA also closed his accounts shortly after.
Republican attorneys general have criticized such actions, accusing Bank of America of targeting conservatives and other groups, such as gun manufacturers and fossil fuel producers, and demanding greater transparency in account closure policies.
Eastman’s case is part of a broader trend where institutions allegedly penalize individuals associated with controversial political figures, including the president’s own family. Conservatives argue these actions reflect an ideological effort to marginalize opposing views under the guise of “defending democracy.”
This wasn’t the only time Bank of America attacked conservatives. After facing significant backlash, Bank of America was forced to backtrack on commitments to stop financing projects like coal mining, coal-burning power plants, and Arctic drilling. Initially praised by climate activists for its 2021 pledge to cut ties with such industries, the bank updated its policies in December 2023 to state that these projects will now undergo “enhanced due diligence” instead of outright rejection. This shift comes amid intensifying criticism of “woke capitalism” and financial activism, with Republican lawmakers accusing corporations of using environmental and social governance (ESG) principles to discriminate against industries and individuals that do not align with progressive ideologies.
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