In offering an example of financial institutions discriminating against Republicans and conservatives, President Donald Trump said Tuesday that the two largest U.S. banks previously rejected him as a customer.
The Wall Street Journal reported Monday that the White House was preparing an executive order that would fine banks for dropping customers for political reasons.
"They did discriminate," Trump said during an interview with CNBC. "I had JP Morgan Chase, I had hundreds of millions of dollars in cash. I could see if they want to do something bad because you don't have any money, and you defaulted …
"I'll give you me as an example. I had hundreds of millions, I had many, many accounts loaded up with cash. I was loaded up with cash and they told me, 'I'm sorry, sir, we can't have you. You have 20 days to get out."
Trump added he had been a Chase customer for "35, 40 years."
"I call up Bank of America routinely and I speak to him [CEO Brian Moynihan] and a couple of people, and they have zero interest," Trump said. "Brian was kissing my a** when I was president, and when I called him after I was president to deposit a billion dollars plus and a lot of other things … he said, 'We can't do it.' "
Trump said he ended up spreading his money among small banks.
JPMorgan denied targeting Trump or conservatives.
"We don't close accounts for political reasons, and we agree with President Trump that regulatory change is desperately needed," a JPMorgan spokeswoman said, CNBC reported. "We commend the White House for addressing this issue and look forward to working with them to get this right."
Some conservatives, crypto executives and religious groups have said they were unfairly dropped or refused by large U.S. financial institutions.
Charlie McCarthy ✉
Charlie McCarthy, a writer/editor at Newsmax, has nearly 40 years of experience covering news, sports, and politics.
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