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Donald Trump Orders Crackdown on Politically Motivated ‘Debanking’
In a new executive order, the US president has called on federal regulators to investigate and punish banks for alleged discrimination against conservatives and certain types of business.
Carter termed this alleged discrimination campaign Operation Chokepoint 2.0, in reference to an Obama-era antifraud program under which US officials reportedly discouraged banks from dealing with pornography, payday lending, and other disfavored industries. In an interview with CNBC on Tuesday, Trump claimed to have experienced debanking first-hand: Both Bank of America and JP Morgan Chase, he alleged, have previously either withdrawn accounts or refused to accept his deposits. “We don’t close accounts for political reasons, and we agree with President Trump that regulatory change is desperately needed,” says Patricia Wexler, managing director of corporate communications at JP Morgan.
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