In early August, Donald Trump signed the “GUARANTEEING FAIR BANKING FOR ALL AMERICANS” executive order. Debanking, as we’ve written, is when financial institutions abruptly refuse to do business with certain entities (read: conservative outfits) and unceremoniously shutter their accounts with no explanation.
It’s sinister, it’s censorship, it’s un-American—and it was used ruthlessly by both the Obama and Biden administrations, according to bank executives who are now speaking out.
Fox News Digital spoke with two executives at leading U.S. banks, who asked to remain anonymous, fearing reprisals.
The executives said that ambiguity in federal laws was exploited by regulators under the Obama and Biden administrations in order to pursue political objectives. According to one executive, banks were pressured to deny services to certain industries as part of Operation Choke Point and Operation Choke Point 2.0.
Can you think of a more sinister-sounding campaign than "Operation Choke Point?"
"When there’s ambiguity in the law, beauty is in the eye of the beholder, and for a long time the beholder was the Obama and Biden administration," the official said.
Today, @POTUS signed an Executive Order to ensure that Federal regulators do not promote policies and practices that allow financial institutions to deny or restrict services based on political beliefs, religious beliefs, or lawful business activities, ensuring fair access to… pic.twitter.com/Xkk9F4uHPo
— The White House (@WhiteHouse) August 7, 2025
The president's full tweet reads:
Today, @POTUS signed an Executive Order to ensure that Federal regulators do not promote policies and practices that allow financial institutions to deny or restrict services based on political beliefs, religious beliefs, or lawful business activities, ensuring fair access to banking for all Americans.
The president’s second son Eric should know all about it; he says Capital One shut down over 300 Trump Organization business accounts in 2021.
READ MORE: What's in Their Wallet? Eric Trump Sues Capital One Over Discriminatory Banking Practices
New York AG Letitia James Strikes Again, Joins Other State AGs in Suit Against Shuttering CFPB
Donald Trump himself says he too fell victim to the discriminatory practice, and his wife and son were hit as well:
Trump claimed to be a victim of debanking, and accused JPMorgan Chase, Bank of America and others of refusing more than $1 billion in his deposits. First lady Melania Trump wrote in her memoir that she and her son Barron were debanked, as well.
"I was shocked and dismayed to learn that my long‑time bank decided to terminate my account and deny my son the opportunity to open a new one.… This decision appeared to be rooted in political discrimination, raising serious concerns about civil rights violations," Melania wrote.
🚨 Victory for religious freedom: After years of pressure from @JerryLeeBowyer & others, Bank of America has dropped its “viewpoint” rule, a policy that fueled the debanking of conservative & faith-based groups.
— State Financial Officers Foundation (@SFOF_States) August 14, 2025
Persistence works. Debanking must end everywhere. pic.twitter.com/ek7DCsPdmb
The process was simple but devious: if either the Obama or Biden administration didn’t like a company’s attitude or a news outlet’s opinions, they’d sic regulators on their banks:
Another senior banking executive said that negative news coverage was considered criteria for "reputational risk." During the period between the 2020 presidential election and Trump’s return to the Oval Office in 2024, he was subject to a flurry of lawsuits and negative press. Banks, according to the official, responding to the wishes of regulators, would use the negative press directed at conservatives as a pretext to debank them.
"It’s all kind of set up, it’s like somebody set the table, and it all ends up focusing on Republicans and conservatives," the executive said.
Democrats are constantly shrieking on about Trump’s “authoritarian streak” and how he’s "a threat to democracy." Time and time again, however, it is revealed that they themselves are the real despots.
Team Trump has been thinking outside the box, and it’s refreshing after four years of Biden malaise.
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