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WSJ Exclusive: White House Preps Order to Punish Banks That Discriminate Against Conservatives
The president is expected to sign an executive order as soon as this week that targets so-called debanking of businesses including crypto companies.
https://archive.is/XujI9
>The White House is preparing an executive order to pressure banks over perceived discrimination against conservatives and crypto companies, threatening fines for politically motivated customer drops.
>The order directs regulators to investigate possible violations of the Equal Credit Opportunity Act, antitrust laws, or consumer protection laws, with penalties including fines or consent decrees.
>The draft references an incident with Bank of America allegedly shutting accounts of a Christian group due to religious beliefs, which the bank disputes, citing policy on small businesses outside the U.S.
>The order criticizes some banks' roles in the Capitol riots investigation and instructs regulators to remove policies that may have led to dropping certain customers.
>The Justice Department is launching a task force to examine allegations of banks denying credit or services based on impermissible factors, with some cases to be referred to the attorney general.