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Investing.com -- The White House is preparing an executive order targeting banks for allegedly dropping customers due to political affiliations, with President Donald Trump specifically claiming major financial institutions discriminated against him and his supporters.
A draft of the executive order, reviewed by Reuters, directs regulators to investigate banks for "politicized or unlawful debanking" practices and could authorize monetary penalties or other disciplinary measures against violators. The order is expected to be announced as early as this week, according to two industry sources.
In a Tuesday interview with CNBC, Trump claimed that JPMorgan Chase (NYSE:JPM) and Bank of America had previously rejected his deposits. He stated that after his first term in office, JPMorgan told him to remove his funds within 20 days.
"They did discriminate," Trump said regarding JPMorgan. "I had hundreds of millions, I had many, many accounts loaded up with cash... and they told me, ’I’m sorry sir, we can’t have you. You have 20 days to get out.’"
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