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President Donald Trump is reportedly preparing to sign an executive order targeting major US banks accused of politically motivated “debanking” practices against conservatives, religious organizations, and cryptocurrency companies.

Some shit you should know before you read: If you’re unaware, “debanking” essentially refers to the practice where financial institutions unilaterally close or refuse to open bank accounts for individuals, businesses, or organizations (often without explanation). Banks typically cite concerns such as fraud risk, regulatory compliance, or violations of internal risk policies, and under the Bank Secrecy Act, they are not required to disclose reasons when closing accounts, especially if tied to a Suspicious Activity Report (SAR). While the Equal Credit Opportunity Act (ECOA) prohibits discrimination in credit access based on race, religion, or political affiliation, it does not specifically prevent banks from refusing or terminating relationships for reasons they deem related to business risk, which creates a gray area in enforcement.

What’s going on now: First reported by The Wall Street Journal and then picked up by multiple outlets, President Trump is preparing to sign an executive order aimed at curbing what he and his allies call “politically motivated debanking.” The draft order, according to WSJ, instructs federal regulators to investigate whether banks have violated the Equal Credit Opportunity Act, antitrust laws, or consumer protection laws by cutting ties with customers based on their political views, religious beliefs, or involvement in industries like cryptocurrency. The executive order would also direct agencies to review their relationships with financial institutions and eliminate any policies that may allow any discriminatory practices. Enforcement measures could include financial penalties, consent decrees, or other disciplinary actions for any institutions found to be in violation.

This comes after Trump confirmed in an interview with CNBC that he had been discriminated against. In the interview, Trump claimed that JPMorgan Chase instructed him to move “hundreds of millions” of dollars within 20 days, without offering a clear explanation. He also alleged that Bank of America refused to accept a deposit of over $1 billion, forcing him to divide his funds among smaller banks. Trump said, “They totally discriminate against… many conservatives,” and suggested that regulatory pressure during the Biden administration may have influenced those decisions.

The banks in question have responded by denying that political beliefs play any role in their account closure decisions. A spokesperson for JPMorgan Chase stated, “We don’t close accounts for political reasons,” and added that the bank supports Trump’s broader call for regulatory reform. Similarly, Bank of America reiterated in multiple public statements that it welcomes regulatory clarity but does not use political affiliation as a criterion for customer eligibility.