The White House is drafting an executive order that would fine large banks for closing accounts or denying services to customers on political grounds, particularly conservatives and cryptocurrency businesses, the Wall Street Journal reported, citing unnamed sources
The White House is drafting an executive order that would fine large banks for closing accounts or denying services to customers on political grounds, particularly conservatives and cryptocurrency businesses, the Wall Street Journal reported, citing unnamed sources.
The proposal would direct federal banking and consumer-protection regulators to investigate potential credit, antitrust and consumer-law violations when lenders “debank” clients. Penalties could be imposed on institutions found to have discriminated against customers because of their political views or industry sector.
President Donald Trump could sign the order as soon as this week, according to the report. The move would intensify administration scrutiny of Wall Street following conservative complaints that major lenders and payment processors have curtailed access for certain ideological groups and crypto-related firms. The White House and Treasury Department have not commented publicly on the draft.
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Source: https://thedefiant.io/news/regulation/white-house-drafts-order-to-fine-banks-politically-driven-debanking-9b6200de