President Trump has signed an executive order, “Guaranteeing Fair Banking for All Americans,” directing federal regulators to investigate alleged discrimination against conservatives and certain industries, such as gun manufacturers and cryptocurrency firms.
The order targets “debanking,” when banks close accounts or deny services based on political, religious, or ideological beliefs, which have been used against Trump and other conservatives. Regulators must identify potential violations, ensure banks do not discriminate on these grounds, and refer cases to the Justice Department within 120 days.
The order also removes “reputational risk” from regulatory metrics, a practice critics say has been used to justify cutting ties with lawful but politically disfavored industries. While the banking industry denies political bias, it has already begun phasing out the practice.
On March 20, 2025, the OCC directed examiners to focus on measurable, objective risk categories rather than subjective notions of reputation. The FDIC and Federal Reserve Board have since announced they will no longer use reputational risk in their examination programs.
Conservatives trace the problem to the Obama-era Justice Department initiative “Operation Choke Point” (2013–2017), which pressured banks to cut ties with lawful but politically disfavored businesses such as firearm dealers and payday lenders, labeling them “high-risk” for fraud and money laundering. This raises the question of why these industries were singled out, given that there is no evidence of them being used for laundering money, while traditional cash-heavy businesses like casinos, dry cleaners, and pizzerias, long known as fronts for money laundering, were excluded.
More than 900 pages of newly unsealed emails and depositions show government officials illegally targeted lawful businesses in an ideological campaign, threatening FDIC staff and bank executives with criminal prosecution unless they severed ties with small-dollar lenders and other legal enterprises. Over the past three years, nearly 12,000 U.S. consumers have filed debanking complaints with the Consumer Financial Protection Bureau, reporting no warning, no explanation, and no opportunity to dispute or appeal.
While banks deny a problem exists and Democrats back them, conservatives note that if a consumer product had 12,000 safety complaints in three years, it would trigger a national crisis. However, for context, if a consumer product had 12,000 safety complaints in three years, it would be considered a major crisis requiring immediate action. If 12,000 people complained about discrimination from any other industry, it would be front-page news, unless they were complaining about a vaccine.
Several states have recently passed “fair access” banking laws that prohibit denying financial services by banks on political or religious grounds. Florida enacted such a law in 2023, and Tennessee did so in 2024. Similar laws have been introduced in state legislatures in Arizona, Georgia, Idaho, Indiana, Iowa, Kentucky, Louisiana, and South Dakota.
There is substantial documented evidence of discrimination against conservatives and conservative-aligned industries in banking. Retired Gen. Michael Flynn reported that he and his wife lost their Bank of America accounts despite a near-perfect credit score and decades of timely payments, calling the bank’s denials “total b******t.”
Constitutional scholar Dr. John Eastman said he and his wife were debanked after nearly 40 years with the same bank. MyPillow CEO Mike Lindell announced that Minnesota Bank & Trust was moving to close accounts for nine of his business entities and charities, including the Lindell Recovery Network, Lindell TV, MyShop, and the Frankspeech platform, citing “reputation risk” and fear of subpoenas.
Andrew Torba, founder of the social platform Gab, described how multiple banks closed his accounts, alleging federal pressure through threats of audits and regulatory action.
This pattern extends to the firearms industry, where in April 2018, Bank of America confirmed it would stop lending to gun manufacturers producing AR-15-style rifles for civilian use. Wells Fargo terminated its $40 million line of credit to firearms maker Sturm, Ruger & Co. Citigroup mandated that retail clients not sell firearms to customers under 21 and prohibited sales of bump stocks.
QuickBooks/Intuit abruptly canceled payroll services for Dawson Precision, a Texas firearms parts manufacturer, citing its acceptable use policy. In 2023, Texas Attorney General Ken Paxton barred Citigroup from underwriting state bonds due to discriminatory practices, costing the bank $3.4 billion in lost business.
Similar actions have also targeted cryptocurrency companies and tech founders. Marc Andreessen claimed that over 30 tech founders had been debanked in the past four years, describing “Operation Choke Point 2.0” as targeting political opponents and disfavored tech startups. Sam Kazemian, founder of Frax Finance, said JPMorgan Chase told him in December 2022 that they must close any account whose primary source of income is crypto.
Tyler Winklevoss, co-founder of Gemini, said he and his company had been debanked for the same reason, adding that the total number of affected companies is likely much higher. Caitlin Long, CEO of Custodia Bank, reported her company had been repeatedly debanked and pointed to their pending lawsuit against the Federal Reserve.
Another example of discrimination in banking involves DEI and ESG-related requirements imposed by major asset managers. BlackRock, Vanguard, and State Street collectively own the majority of stock in 88 percent of S&P 500 companies and control roughly 25 percent of the stock of every public company worldwide.
These firms have used their influence to advance climate and social agendas, such as supporting the replacement of Exxon Mobil board members who opposed climate change initiatives with those who pledged to prioritize them. In Texas, eleven Republican attorneys general sued the three asset managers, alleging they leveraged their control to influence competing companies’ policies and reduce competition in coal markets—a case that survived a motion to dismiss.
Liberals claim that debanking of conservatives does not exist. If that were true, they should have no objection to an investigation. If the investigation finds nothing, they will be vindicated. However, with thousands of complaints already on record, the evidence suggests the inquiry will uncover widespread violations.
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