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Bank of America CEO Says Trump Is “After the Right Thing” on Debanking
In a recent interview with CNBC, Bank of America CEO Brian Moynihan expressed his support for President Trump’s efforts to tackle the issue of debanking. This comes as no surprise, given that it was Trump who took aim at major American banks like JPMorgan Chase and Bank of America for allegedly discriminating against him after leaving office.
According to reports, Trump claimed that both institutions refused to work with him, citing JPMorgan’s offer of only 20 days to move “hundreds of millions of dollars” before cutting off his accounts. He also alleged that Bank of America rejected his attempt to deposit over $1 billion into a new account.
Moynihan has now spoken out on the matter, stating that Trump is “after the right thing.” The CEO emphasized that his bank, like JPMorgan, does not discriminate against anyone based on political beliefs or affiliations. However, he believes that regulatory reforms are necessary to address concerns around debanking and ensure fairness in financial services.
Moynihan pointed out that the current regulations have become excessively complex, sometimes forcing banks to make decisions that can be questioned later. He called for clearer rules to prevent such discriminatory practices from occurring in the first place.
This development comes as Trump is pushing for an executive order that could penalize banks for discriminating against crypto companies. This move has been met with enthusiasm by investors, who see it as a potential solution to end “crypto debanking,” which has long restricted access to banking services for many cryptocurrency startups.
The ongoing debate surrounding debanking highlights the need for urgent regulatory reform and more transparent financial practices.
Source: coinpedia.org
