Republicans Investigate Claims Of Banks Denying Services To Conservatives

Republican lawmakers are launching inquiries into allegations that financial institutions have been closing accounts belonging to conservatives. The investigations follow President Donald Trump’s recent remarks calling out Bank of America for reportedly refusing to work with right-leaning customers.

Sen. Tim Scott (R-SC), chairman of the Senate Banking Committee, announced that a hearing will be held on February 5, 2025, to investigate these claims. Scott stressed that financial institutions should not deny services based on political views and criticized what he called government overreach under the Biden administration.

Rep. Jim Comer (R-KY), who leads the House Oversight and Accountability Committee, is also looking into reports of conservatives and businesses facing account closures. Comer indicated that these actions might be tied to ESG policies and questioned whether federal agencies were behind efforts to pressure financial institutions.

During a recent appearance at the World Economic Forum, Trump directly criticized Bank of America CEO Brian Moynihan, demanding that conservatives be given equal access to banking services. In response, Bank of America released a statement denying political bias in its operations, claiming it welcomes all customers.

https://twitter.com/SenatorTimScott/status/18829200952000389903

Lawmakers are working to collect evidence from individuals and business owners affected by debanking practices. Testimonies are expected to be presented during the upcoming hearings to determine whether regulatory actions have influenced financial institutions’ decisions.

In addition to Bank of America, other financial institutions could face scrutiny as Republicans continue their investigation into what they call politically motivated financial exclusion.