Big banks discriminated against conservatives during Biden admin: report
The Trump admin reviewed almost 100,000 complaints about debanking activities by JPMorgan, Chase Bank, Wells Fargo, and other top financial companies.
U.S. President Joe
Biden speaks during a ceremony to award the Presidential Citizens Medal in the
East Room of the White House on January 02, 2025 in Washington, DC.Chip
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WASHINGTON, D.C. (LifeSiteNews) — Banks across the United States maintained “broad reputation risk policies” against right-of-center customers and groups during Joe Biden’s presidency, according to a report released on Wednesday by the U.S. Office of the Comptroller of the Currency (OCC).
The report reviewed almost 100,000 complaints spanning the nine largest banks supervised by the OCC: JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, US Bank, Capital One, PNC Bank, TD Bank, and BMO Bank.
It found that the institutions’ policies “disadvantaged certain Americans based on their political, religious, or social views or based on their lawful business activities” without “clear standards” or “objective, risk-based criteria”; and that they “maintained public and nonpublic policies restricting certain industry sectors’ access to financial services, including those in oil and gas exploration, coal mining or coal-powered plants, firearms or ammunition manufacturing or distribution, construction or operation of detention facilities, the manufacturing, distribution or online retail of tobacco or e-cigarettes, and digital asset activities.”
“Today’s report provides irrefutable evidence that the nation’s largest banks have denied, debanked and discriminated against customers and lawful businesses,” said Comptroller Jonathan Gould. “Americans should have access to financial services regardless of their beliefs, affiliations, or political views. Fair access to financial services is not a mantra – it is a mandate. The Trump Administration is committed to ending the weaponization of finance against hardworking Americans, once and for all.”
“Notwithstanding certain efforts by the largest banks to rein in these practices, I am not confident that they will be enough,” Gould added. “Accordingly, the OCC will be assessing further changes to the regulatory and supervisory framework applicable to the largest banks to reduce the likelihood of these harmful practices recurring in the future.”
Examples include JPMorgan Chase’s WePay payment service flagging merchants who used terms like “MAGA,” “Make America Great,” and “America First,” canceling the account of at least one seller of pro-Trump products on the pretext that it promoted “hate, violence, or racial intolerance.” WePay also quashed accounts from vocal critics of the Black Lives Matter movement and Dr. Anthony Fauci, often relying on the word of the far-left Southern Poverty Law Center (SPLC) for who constituted an “extremist.”
Wells Fargo, meanwhile, discriminated against firearms businesses and a religious nonprofit opposed to same-sex “marriage,” with a risk review noting that “under the Biden administration, banks could face greater supervisory pressure to move away from lending to the firearms industry.”
PNC refused credit to a media company whose owner “funded several Christian conservative groups, including several identified as hate groups by the Southern Poverty Law Center,” justified on the grounds that “I think it becomes really difficult to justify aligning ourselves with a company whose owners have built very public personas around opinions very contrary to PNC’s beliefs/values.”
Over the past several years, there have been numerous instances of banks, credit card companies, and crowdfunding platforms cutting off services to conservative individuals and groups, thanks in large part to the influence of left-wing groups like SPLC and the Anti-Defamation League and corporate trends such as ESG (environmental, societal, governance) scoring.
The Biden administration’s interest in centralized digital currency further intensified fears of a future in which Americans’ basic economic freedoms are tied to conformity with the views of those in power. Thanks in part to such overreaches by the previous Democrat administration, the United States is now widely perceived as being in the midst of a widespread political and cultural backlash against so-called “woke” ideology.
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- Bank Of America
- Biden Administration
- BMO Bank
- Capital One
- Citibank
- Debanking
- Joe Biden
- Jonathan Gould
- JPMorgan Chase
- Office of the Comptroller of the Currency
- PNC Bank
- Political Discrimination
- Political Persecution
- td bank
- Trump Administration
- US Bank
- weaponized government
- Wells Fargo Bank
