President Donald Trump is taking major action against institutions that seek to target right-leaning media figures by cutting off access to their banking services.
The president is reportedly set to issue an executive order that would impose fines on financial institutions that punish people over their political beliefs, according to The Wall Street Journal.
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.
Several individuals have lost their bank accounts over their right-leaning political beliefs. John Eastman, who advised Trump as he challenged the outcome of the 2020 election, had his accounts at Bank of America and USAA closed without warning or a clear explanation.
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MyPillow CEO Mike Lindell was also targeted in the same fashion in 2022.
During a recent interview on CNBC, President Trump claimed he was also debanked over his politics. “I had hundreds of millions. I had many, many accounts loaded up with cash,” he said.
Yet, JPMorgan Chase abruptly shut down his accounts after decades of doing business. Trump surmised that this was part of a broader political agenda to punish conservatives for their views. “The banks discriminated against me very badly,” he told the host. He further suggested that “Banks are not afraid of anything but a regulator.”
President Trump on signing a new executive order that punishes any bank that discriminates against conservatives:
— Conservative War Machine (@WarMachineRR) August 5, 2025
“The banks discriminated against me very badly... they discriminate against many conservatives.” pic.twitter.com/GRAfipKrrj
“Their regulators and their wives,” Trump added. The president further suggested that these institutions were being pressured to shut down conservatives’ accounts by “the high IQ people that are the radical left” who were surrounding former President Joe Biden and former Vice President Kamala Harris.
Editor’s Note: The Democrat Party has never been less popular as voters reject its globalist agenda.
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