For Biden, being associated with Trump meant having to invoke financial laws that were created to go against drug trafficking and money laundering. This is how many people who simply participated in the January 6 protests ended up with their bank accounts completely eliminated.
"Think about what it was like to be Trump in 2021; he was a hot potato after January 6 and regulators made it clear to us that we shouldn't do business with him," a banking executive with knowledge of the case told the Post.
In 2021, as soon as he assumed the presidency of the United States, Joe Biden ordered JPMorgan and Bank of America to debank Donald Trump, citing his role in the January 6 Capitol riots.
This way, following the express order of the then president, Trump saw his tens of millions of dollars in assets eliminated from JPMorgan's banking platform and was then denied access to Bank of America's services.
Sources within these banking institutions confided to the New York Post that the Democratic government assured them that handling the former president's money exposed them to breaking the law, citing reasons of "reputational risk" that prevent banks from doing business with certain people or companies.
Biden ordenó la desbancarización de Trump.
Biden threatened banks with oversight and fines.
Biden White House's modus operandi was based on sending bureaucrats from the Office of the Comptroller of the Currency and the Federal Reserve to the banks to threaten them with increased oversight and fines if they continued doing business with figures close to Trumpist ideas.
Joe Biden obligaba a los bancos a cortar vinculos con figuras trumpistas.
Neither JPMorgan nor Bank of America defended Trump.
Although he survived all this political and judicial persecution and returned to the White House in one of the most spectacular comebacks in American history, Trump still remembers the moment when he was denied banking services after his first term ended in January 2021.
"I had hundreds of millions. I had many, many accounts full of cash. I was loaded with cash, and they told me: I'm sorry, sir, we can't have you with us. You have 20 days to leave. I said: Are you kidding? I've been with you for 35, 40 years," he described.
Trump also recalled that neither Jamie Dimon nor Brian Moynihan, heads of JPMorgan and Bank of America respectively, came to his defense when all this happened.
"Moynihan used to kiss my ass when I was president and when I called him after leaving the presidency to deposit more than a billion dollars and many other things—more importantly, to open accounts, which banks always like—he said: we can't do it."
El presidente del JP Morgan Jamie Dimon.
Trump seeks to end debanking.
It is because of everything that happened that the Republican leader has promised to put an end to the practice of debanking. Regulators in his administration have already stopped applying the reputational risk clause and he plans to issue an executive order on the matter.
JPMorgan clarified in a statement that the institution "doesn't close accounts for political reasons" and that it agrees with President Trump that "regulatory change is urgently needed."
