
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.
Trump exposed Bank of Americas CEO to his face for not allowing Conservatives to Bank with them. pic.twitter.com/j5dOr0sU6e
— Anna (@Anna78998520) January 23, 2025
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.
🚨 BREAKING 🚨
Chairman James Comer Investigates Apparent Politically Motivated Debanking of Thirty Tech Founders, First Lady Melania Trump
Chairman Comer is investigating recent reports of financial institutions debanking lawful American businesses and individuals based on… pic.twitter.com/X7tZlsz3NK
— Oversight Committee (@GOPoversight) January 24, 2025
🚨NEW: Rep. James Comer announces there will be investigations into US banks for “de-banking” conservative Americans:
COMER: “Is this our government stepping in, like what we found with Twitter and Facebook, where the government stepped in and said they wanted certain… pic.twitter.com/5aWHys7pYc
— Western Lensman (@WesternLensman) January 26, 2025
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.
When discussing the debanking of crypto entrepreneurs and Trump supporters, it's important to mention the contrasting treatment of the Biden family.
Six major banks, including JPMorgan, Bank of America, and Wells Fargo, filed over 170 Suspicious Activity Reports (SARs) with the… pic.twitter.com/MkmIFSc4Ky
— KanekoaTheGreat (@KanekoaTheGreat) November 30, 2024