Republicans In Congress Launch Investigation Into Debanking Conservatives After Trump Blasts Bank Of America

Republicans in Congress are launching investigations into allegations that banks are targeting conservatives by closing their accounts. The move comes just days after President Donald Trump criticized Bank of America for allegedly refusing to do business with conservatives during remarks at the World Economic Forum.

Sen. Tim Scott (R-SC), chairman of the Senate Banking Committee, announced a hearing scheduled for February 5, 2025, to examine claims that financial institutions have been shutting down accounts belonging to conservative individuals and businesses. Scott condemned the practice, calling it “un-American” and vowed to work with President Trump and other lawmakers to stop what he called “abuses” under the Biden administration.

 

In the House, Rep. Jim Comer (R-KY), chairman of the Oversight and Accountability Committee, confirmed that his committee is looking into reports of banks debanking conservatives. Comer said lawmakers are investigating whether this trend is being driven by environmental, social, and governance (ESG) policies or if it is the result of government interference, similar to what was found in previous investigations into social media censorship.

Comer pointed to numerous cases where energy-related businesses and outspoken conservative activists were denied basic banking services. He stated that the committee aims to determine whether financial regulators under the Biden administration are pressuring banks to cut off services to individuals based on their political views.

 

During his recent appearance at the World Economic Forum, President Trump directly challenged Bank of America CEO Brian Moynihan, stating that conservatives have been denied access to financial services at the bank. Trump urged the company to “open your banks to conservatives” and warned that such discrimination would not be tolerated.

 

Bank of America responded by denying the allegations, insisting that it serves millions of clients regardless of political beliefs and does not close accounts based on political affiliation. JPMorgan Chase echoed similar sentiments, claiming they follow regulatory guidelines and do not make banking decisions based on politics.

 

The upcoming hearings are expected to put pressure on financial institutions and regulators to answer tough questions about the extent of political bias in the banking sector. Lawmakers plan to question bank executives and industry experts to understand how these decisions are being made and whether conservative Americans are being unfairly targeted.

 

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