Trump’s comments in Davos raise controversy over banks

president Donald Trump On Thursday, she criticized one of the largest U.S. banks during a question-and-answer session with its CEO during the World Economic Forum, accusing the bank of not providing financial services to conservatives and sparking a dispute over political political dismantling.

“You’ve done a great job, but I hope you start opening up your bank to conservatives, because a lot of conservatives complain that banks don’t let them do business inside the bank — and that includes,” Trump told Bank of America CEO Brian Moynihan during the hearing. A place called Bank of America.

Trump continued: “And I don’t know if the organizers imposed this because of (President Joe) Biden or what, but you and (JPMorgan CEO Jamie Dimon) And everyone – I hope you open your banks to conservatives, because what you are doing is wrong.

Banks, including Bank of America and JPMorgan Chase, have disputed claims that politics contributed to decisions to close bank accounts.

Trump confronts Bank of America CEO for not accepting “conservative business”

“We serve more than 70 million customers, and we welcome conservatives,” a Bank of America spokesperson told FOX Business. “We are required to follow extensive government rules and regulations that sometimes lead to decisions to exit client relationships. We never close our accounts for political reasons, and we have no political test.”

A JPMorgan spokesman said in a statement that the bank “will never close an account for political reasons, absolutely. We follow the law and guidance from our regulators and have long said that there are problems with the current framework that Washington must address.”

“We welcome the opportunity to work with the new administration and Congress on ways to remove regulatory ambiguity while preserving our country’s ability to address financial crime,” the spokesperson said.

A conservative group takes aim at Wall Street in a report alleging big banks have undermined the firearms industry

In recent years, Republican attorneys general have sent letters to banks seeking explanations for bank reversals involving various conservative organizations or companies involved in controversial industries, such as arms dealers.

Last year, a group of 16 attorneys general wrote to Wells Fargo about closing a gun dealer’s account in Florida, and said they believed the company used debankaning “as a political tool to expand the Biden administration’s policies across the country.”

State finance officials have also raised concerns about Wall Street’s banking practices, with a group of more than a dozen state treasurers, auditors and controllers writing to JPMorgan Chase last year “to express our concern about the bank’s involvement in what appears to be… manipulation”. Politically motivated unbundling of banking by certain industries, individuals and groups.”

State Finance Officials Call on JPMORGAN CHASE to Address Politically Motivated Bank Liquidations

“President Trump is right, and I’m glad he’s shining a light on the unethical, and likely illegal, behavior of some of the nation’s largest financial institutions,” Montana Attorney General Austin Knudsen told Fox Business. “For many years, major banks, including Bank of America, have been unbanking and discriminating against conservative and religious groups to advance the left’s agenda.”

“As Attorney General, I’ve been speaking out for them and demanding answers and action, and I will continue to do everything I can to hold them accountable and shine a light on their bad behavior. It’s refreshing to have a president who recognizes the problem. And is joining the effort to stop it.”

Republican AGS Demands Wells FARGO’s Answer for Arms Dealer’s Abrupt Account Closure and Other Policies

tape	protection	last	It changes	% changes
JBM	JPMorgan Chase & Co	264.83	-1.13	-0.42%
Buck	Bank of America Corp.	46.51	+0.12	+0.25%
WFC	Wells Fargo & Company	77.33	-0.11	-0.14%

Federal laws and Financial regulations It could prompt banks to close their accounts over concerns about things like money laundering or illicit financial activity, and one senior banking leader believes companies should be able to be more engaged with customers about why such decisions are made.

JPMorgan Chase CEO Jamie Dimon appeared on the company’s “The Unshakeables” podcast and said in a discussion about the challenges cryptocurrency companies have faced in doing business with banks that banks are not allowed to tell customers why they are closing their accounts and closing their accounts.

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“I think we should be allowed to tell you,” Damon said. “When we report something, maybe the federal government should know about it, and there should be clearer lines about what we have to do and what we don’t have to do or things like that.”

FOX Business’ Breck Dumas contributed to this report.