Trump takes on Bank of America: Holding corporate giants accountable for conservative exclusion

• President Trump accused Bank of America CEO Brian Moynihan of excluding conservatives from banking services during a live Q&A session at the World Economic Forum in Davos.
• Bank of America has faced multiple allegations of discriminating against conservatives and the firearms industry, with claims that account closures are based on political or religious beliefs.
• The bank denied any political bias, stating they follow extensive government rules and regulations and do not close accounts for political reasons.
• The issue reflects a cultural and ideological battle over corporate roles in American society, with critics arguing that banks under pressure from activists and regulators are alienating conservative customers.
• Trump’s public confrontation is seen as a call for financial institutions to stop discriminating against Americans based on their political or religious beliefs.

In a dramatic moment at the World Economic Forum in Davos, Switzerland, President Donald Trump delivered a powerful rebuke to Bank of America CEO Brian Moynihan, accusing the financial giant of systematically excluding conservatives from its services. The confrontation, which unfolded during a live Q&A session with corporate leaders, underscored a growing rift between conservative Americans and the nation’s largest financial institutions.

Trump, speaking via satellite, did not mince words. “I hope you start opening your bank to conservatives, because 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… what you’re doing is wrong,” Trump declared. He also suggested that the Biden administration may have played a role in the alleged discrimination, stating, “I don’t know if the regulators mandated that because of Biden or what.”

The president’s remarks struck a chord with conservatives who have long accused major banks of engaging in “woke capitalism,” shutting out individuals and organizations based on their political or religious beliefs.

A history of alleged discrimination

Bank of America, one of the largest financial institutions in the world, has faced multiple allegations of discriminating against conservatives in recent years. In 2020, the Timothy Two Project International, a Christian organization focused on training pastors, received a letter from Bank of America stating that its account would be closed within 30 days. Steve Curtis, the organization’s founder, told “FOX & Friends First” that the bank provided no clear explanation, only stating that the group was “engaged in a type of business that they had chosen not to service.”

Similarly, a 2024 report by the American Accountability Foundation accused Bank of America and other Wall Street banks of discriminating against the firearms industry, cutting off services to manufacturers, retailers and organizations representing lawful gun owners. These allegations have fueled concerns that financial institutions are using their power to advance a progressive agenda at the expense of conservative values.

Bank of America’s response

In response to Trump’s accusations, a Bank of America spokesperson denied any political bias, stating, “We serve more than 70 million clients and we welcome conservatives. We are required to follow extensive government rules and regulations that sometimes result in decisions to exit client relationships. We never close accounts for political reasons and don’t have a political litmus test.”

JPMorgan Chase, another bank mentioned by Trump, also denied the allegations. A spokesperson said, “We would never close an account for political reasons, full stop. We follow the law and guidance from our regulators and have long said there are problems with the current framework that Washington must address.”

Despite these denials, the issue of “de-banking” conservatives has gained traction among Republican lawmakers and state attorneys general. In 2023, attorneys general from 15 states sent a letter condemning Bank of America’s alleged “discriminatory behavior” toward customers based on their religious and political beliefs.

The broader implications

Trump’s confrontation with Moynihan is more than just a political spat—it reflects a broader cultural and ideological battle over the role of corporations in American society. Critics argue that banks, under pressure from progressive activists and regulators, have increasingly adopted policies that alienate conservative customers.

Greg Baer, president and CEO of the Bank Policy Institute, acknowledged the problem, stating, “Much de-banking occurs as a result of an anti-money laundering and ‘reputational risk’ regime administered by the federal banking agencies.” He expressed hope that the Trump administration would work to address these issues, enabling banks to serve a wider range of customers.

Raymond James analyst Ed Mills noted that Trump’s comments could signal a shift in regulatory priorities. “These comments could be early indicators that expansion of their business to cover some of his preferred industries would be welcomed,” Mills said.

A call for accountability

For many conservatives, Trump’s bold stance at Davos was a long-overdue call for accountability. By publicly confronting Moynihan, the president sent a clear message: financial institutions must not be allowed to discriminate against Americans based on their political or religious beliefs.

As the debate over “woke capitalism” continues to unfold, one thing is certain: Trump’s willingness to challenge corporate giants has reignited a critical conversation about fairness, freedom and the role of big business in a divided nation.

In the words of the president himself, “What you’re doing is wrong.” And for millions of conservatives across the country, those words couldn’t have come soon enough.

Sources include:

AmericaFirstReport.com

Reuters.com

FoxNews.com