President Donald J. Trump signed an executive order cracking down on “de-banking” which will protect financial services customers from being cancelled due to their political and religious beliefs, a practice that has been used to target conservatives.
On Thursday, the president moved to protect law-abiding Americans from the tyranny of being ostracized from the financial system after it was revealed that the Biden administration pressured banks to not do business with law-abiding Americans in the aftermath of the so-called “insurrection” on January 6, 2021.
“It is the policy of the United States that no American should be denied access to financial services because of their constitutionally or statutorily protected beliefs, affiliations, or political views, and to ensure that politicized or unlawful debanking is not used as a tool to inhibit such beliefs, affiliations, or political views,” Trump wrote in the order titled “Guaranteeing Fair Banking For All Americans.”
Fact Sheet: President Donald J. Trump Guarantees Fair Banking for All Americanshttps://t.co/9NwDRJSDuE
— Karoline Leavitt (@PressSec) August 7, 2025
“Banking decisions must instead be made on the basis of individualized, objective, and risk-based analyses,” the president added.
According to the order, “Financial institutions have engaged in unacceptable practices to restrict law-abiding individuals’ and businesses’ access to financial services on the basis of political or religious beliefs or lawful business activities. Some financial institutions participated in Government-directed surveillance programs targeting persons participating in activities and causes commonly associated with conservatism and the political right following the events that occurred at or near the United States Capitol on January 6, 2021.”
“The Federal Government suggested that such institutions flag individuals who made transactions related to companies like ‘Cabela’s’ and ‘Bass Pro Shop’ or who made peer-to-peer payments that involved terms like ‘Trump’ or ‘MAGA,’ even though there was no specific evidence tying those individuals to criminal conduct,” the order reads.
The executive order also cites the Obama administration’s “Operation Chokepoint” as a “well-documented” example of how regulators “have used supervisory scrutiny and other influence over regulated banks to direct or otherwise encourage politicized or unlawful debanking activities.”
“As a result, individuals, their businesses, and their families have been subjected to debanking on the basis of their political affiliations, religious beliefs or lawful business activities, and have suffered frozen payrolls, debt and crushing interest, and other significant harms to their livelihoods, reputations, and financial well-being,” the order states.
“Such practices are incompatible with a free society and the principle that the provision of banking services should be based on material, measurable, and justifiable risks,” Trump said in the order.
Trump’s signing comes after The Wall Street Journal first reported on a draft copy of the order earlier this week. The executive order effectively strips Democrats and their allies of another weapon that they can wield to punish their political enemies.
Earlier this week, Trump revealed how he himself was a victim of debanking during a CNBC interview.
WATCH: President Donald Trump calls out JP Morgan Chase’s Jamie Dimon for DEBANKING him.
“The banks discriminated against me very badly… they discriminate against many conservatives.” pic.twitter.com/2tHaT4csdd
— Steve Guest (@SteveGuest) August 5, 2025
“The banks discriminated against me very badly,” he said.
The order directs regulators to “remove the use of reputation risk or equivalent concepts that could result in politicized or unlawful debanking, as well as any other considerations that could be used to engage in such debanking, from their guidance documents, manuals, and other materials” and directs the Small Business Administration (SBA) to require financial institutions to make “reasonable efforts to identify and reinstate any previous clients of the institution or any subsidiaries denied service through a politicized or unlawful debanking action…”
In a Thursday joint statement, the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, and Financial Services Forum reacted to Trump’s executive order.
“Today’s Executive Order helps ensure all consumers and businesses are treated fairly, a goal the nation’s banks share with the Administration. It’s in banks’ best interest to take deposits, lend to and support as many customers as possible. Unfortunately, regulatory overreach, supervisory discretion and a maze of obscure rules have stood in the way as the E.O. makes clear. We thank the Administration for its efforts to protect access to banking and rein in runaway regulations and look forward to working with the White House, Congress and the agencies to create a national standard that advances these goals,” they said.
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Author: Chris Donaldson
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