The Biden administration’s banking regulators, in tandem with the Federal Reserve, have coerced JPMorgan and Bank of America into severing ties with President Trump, a move that smacks of political vengeance rather than sound fiscal judgement. The reason behind ousting Trump, who held tens of millions of dollars in these banks, remains nebulous. The colossal US banks attribute this drastic measure to Trump’s actions on January 6, a remake of ‘guilt by association’ perhaps, and caveats from Biden’s banking cronies that servicing Trump might infringe upon rules forbidding associations with those presenting a so-called ‘reputational risk.’
Notwithstanding his departure from office, there is evidence to suggest that Trump’s ‘debanking’ was driven by pressure exerted by the Biden-led banking regulators and the Federal Reserve. The abuse of power is rampant with agents at the Office of the Comptroller of the Currency, the FDIC and the Federal Reserve using the ambiguous nature of regulatory dictats to stretch their reach beyond the intended targets such as money launderers and drug dealers.
In convincing signs of bias, these regulators were reportedly emboldened to pursue individuals with divergent political ideologies or business connections. Specifically, conservatives and those who were part of the January 6th protests, a rather broad brushstroke by any sensible measure. However, buoyed by his innate resilience, Trump survived this blatant onslaught and went on to serve a second presidential term, defying the odds.
The former President has since made a commitment to dismantle ‘debanking,’ an act tantamount to economic ostracism. To this end, his regulators have already ceased executing the controversial ‘reputational risk’ clause. In what appears as a valiant attempt to restore justice, Trump is expected to enact an executive order addressing this very issue.
A JPMorgan executive confessed that these rogue regulators intimidated them to the point where they feared conducting business with individuals like Trump. Though this might invite increased scrutiny and fines, banks found it preferable to shun customers who were perceived as ‘risky,’ even if they were tested industrialists like Trump desiring to open accounts holding millions of dollars.
During an interview with a financial network on Tuesday, Trump revealed that he had been ‘debanked.’ According to his statement, both banks denied him services subsequent to his first term ending in January 2021. It was not more than a few weeks post the Capitol incident that the anti-Trump rhetoric reached feverish levels, leading to a quasi-insurrection narrative being forcibly wedged into the public’s consciousness.
Bank of America followed in suit and denied services to Trump. An overriding theme seems to emerge from this narrative: institutions bending to the will of politicians rather than standing up for their customers. On this occasion, both JPMorgan CEO Jamie Dimon and Brian Moynihan of Bank of America were named by Trump, articulating their reluctance to defend him and their apparent capitulation to political pressure.
In an attempt to put an end to this politically charged, financial blacklisting, both Trump and his regulators have decided to take firm action. An executive order, aimed at eliminating such bias-motivated denials of banking service, is due to be issued imminently. It’s a pragmatic and necessary response to lower the escalating political temperatures within America’s financial institutions.
This episode provides a disturbing glimpse into the mechanisms of power and control. The arm of the state, under Biden’s administration, has seemingly reached into the nation’s largest financial institutions to exact an oddly personal vendetta against former President Trump.
Even after the people expressed their will by electing Trump for a second term, these institutions appear to remain under the influence of Biden’s dogmatic circle. Consequently, this saga has evolved into a concerning indication of the bias endemic in key sectors of American society.
The post Biden’s Unheard-of Vendetta: Cuts Trump Off from Major US Banks appeared first on Real News Now.
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