According to a report by The Wall Street Journal, the White House is preparing to increase pressure on large banks regarding their alleged actions of closing accounts for conservative individuals and cryptocurrency companies “based on political stance,” with plans to combat this through an executive order. A draft of the executive order obtained by The Wall Street Journal threatens to impose fines on such financial institutions.
This executive order draft requires banking regulators to investigate whether financial institutions have violated the Equal Credit Opportunity Act, antitrust laws, or consumer financial protection regulations. If violations are confirmed, banks could face monetary penalties, consent orders, or other disciplinary actions. According to informed sources, this order may be signed as early as this week, although delays or adjustments are also possible.
While the draft does not name specific banks, its content clearly alludes to a previous incident involving “Bank of America,” which closed the account of a Christian organization in Uganda, accused of closing the account due to the organization’s religious beliefs; however, Bank of America responded by stating that its policy does not provide services to small businesses operating outside the United States.
Additionally, the draft criticizes certain banks for their role in the investigation of the January 6 Capitol riot, implying that their cooperation may have been politically biased.
