Trump is said to be weighing executive orders that could lead to fines and disciplinary action against lenders accused of political discrimination.
Trump summons Fed’s Powell and tells him he’s wrong with the fee.
US President Donald Trump called Federal Reserve Chairman Jerome Powell on May 29 for his first in-person meeting since taking office in January, telling the central bank chief that he was “mistakes” by not lowering interest rates.
WASHINGTON – President Donald Trump has accused prominent banks of discriminating against him and his supporters as he weighs executive orders urging him to go to regulators after lenders accused of political bias.
In an interview with CNBC, Trump insisted that JPMorgan Chase dropped him as a personal bank client without explanation and that Bank of America would not take him as a client either.
“The bank discriminated against me very seriously and I was very good with the bank,” Trump said.
When Trump informed JPMorgan Chase that he was loosening him, he said he had hundreds of millions of dollars in his account.
The bank quickly rejected the claim. In a statement, JPMorgan Chase says it will not close the explanation for political reasons, agrees with Trump that regulations need to be changed and that he hopes to work with the White House on the order.
Bank of America declined to comment. However, the company said in January that political beliefs were “not a factor in the closure decision.”
In a statement on a potential executive order provided prior to Trump’s CNBC interview, he said it provided detailed proposals to the Trump administration and Congress that aimed to improve regulations.
The president said financial institutions discriminate against “many conservatives,” including Trump supporters, whom he said he had consulted about the topic. “I think what they did is they went to the regulator,” he said.
“Banks are not afraid of anything other than regulators. Regulators and their wives. They are more afraid of their wives than their regulators,” he said.
Trump also denounced the Biden administration without evidence that he had directed the bank and its regulators to destroy him.
The president has filed accusations in response to questions about the Wall Street Journal report.
The Wall Street Journal reported on August 5 that a draft copy of the order directs bank regulators to investigate potential violations of the Equal Credit Opportunity Act by financial institutions. The news outlet said the order threatened to fine or discipline lenders accused of political discrimination. It also asks regulators to refer to the Department of Justice for alleged violations.
It is unclear when the president will sign the executive order. The White House declined to provide details on what is under discussion or what is expected to be executive action.
