President Trump said banks have turned him away and revived allegations of discrimination against his supporters by large banks while previewing a new executive order to punish those companies. The president was asked in an interview with CNBC on Tuesday about a new executive order, which would direct bank regulators to investigate financial institutions for violations of the Equal Credit Opportunity Act, antitrust laws or consumer financial protection laws. Trump insisted that banks do discriminate, giving the example of him being turned away from working with JPMorgan Chase after banking with the company for about 40 years. He also said he would call Bank of America CEO "routinely" and that he was "kissing my a‑‑ when I was president" but then turned him away after his first term. Trump said he went to smaller banks to deposit his money. "When I called him after I was president to deposit a billion dollars plus, and a lot of other things, more importantly to open accounts … he said, 'We can't do it,'" Trump said, referring to Moynihan. "I ended up going to small banks all over the place. I mean, I was putting $10 million here, $10 million there … the craziest thing. And it's lucky I even had them. They were doing me a favor and that's because the banks discriminated against me very badly, and I was very good to the banks," the president added. "Had the greatest economy in the history of our country when I was president. And by the way, our economy now will blow that away, as you see it happening." The president on Tuesday argued, without evidence, that big banks discriminate against his supporters, renewing allegations long advanced by Republicans who have criticized a series of actions by major financial firms. During a speech at the World Economic Forum in Davos, Switzerland, in January, Trump also accused large banks of discriminating against conservatives. JPMorgan Chase and Bank of America on his comments at the time. In his CNBC interview, Trump further claimed without evidence that former administration told banking regulators to "destroy Trump." "They discriminate against many conservatives … I think the word might be Trump supporters more than conservatives," Trump said. The Wall Street Journal reviewed a draft of the new executive order, which could be signed as soon as this week. The outlet reported that banks that are found in violation of anti-discrimination laws would be subject to fines or disciplinary measures and while it doesn't name any specific banks, it appears to refer to Bank of America as an example of an alleged discriminatory bank.

Trump says big banks have turned him away, revives discrimination allegations

President Trump accused major banks of discriminating against his supporters, citing examples like JPMorgan Chase and Bank of America, while previewing a new executive order to investigate financial institutions for anti-discrimination violations. The allegations follow his 2025 World Economic Forum speech in Davos, Switzerland, where he claimed banks target conservatives. The Wall Street Journal reviewed a draft executive order that could penalize banks found in violation of consumer protection laws.