google.com, pub-6007374308804254, DIRECT, f08c47fec0942fa0
More
    More

      Trump Lashes Out at Bank of America Over Treatment of Conservatives


      President Trump took an unexpected swipe on Thursday at the big banks that have cheered his return to office, as he raised longstanding Republican complaints that they are discriminated against by major lenders.

      The moment came almost as an aside, as Mr. Trump was participating virtually in a question-and-answer session with executives gathered at the World Economic Forum in Davos, Switzerland.

      His questioner, Brian T. Moynihan, Bank of America’s chief executive, asked a rote, prepared question about the new administration’s plans for the economy.

      Mr. Trump capped off a nearly two-minute response by observing:

      “By the way, speaking of you — and you’ve done a fantastic job — but I hope you start opening your bank to conservatives, because many conservatives complain that the banks are not allowing them to do business within the bank, and that included a place called Bank of America,” Mr. Trump said.

      He continued, referring to JPMorgan chief executive Jamie Dimon (who was not on the stage), “You and Jamie and everybody, I hope you’re going to open your banks to conservatives, because what you’re doing is wrong.”

      Mr. Moynihan responded with what appeared to be a nervous laugh, and by changing the subject to next year’s World Cup.

      A Bank of America spokesman, Bill Halldin, later said in a statement that the lender never closed accounts for political reasons, but was “required to follow extensive government rules and regulations that sometimes result in decisions to exit client relationships.”

      Mr. Trump’s swerve to the subject was a surprise in the moment, not the least because bankers have been ebullient about his second term, which they hope will touch off an era of profit-making encouraged by relaxed regulations. Yet the topic of political discrimination is a well-trodden one that Mr. Trump occasionally brought up during his campaign.

      For years, conservatives have complained about diversity, equity and inclusion programs at big lenders and about the curtailing of investments in fossil fuels and energy. They have also accused banks of closing accounts for, or debanking, religious groups.



      Source link

      Recent Articles

      Where To Sell Old Coins

      Are you looking for the best place to sell old coins? We’ve all looked at an old coin at some point and wondered,...

      ICE under Trump is attacking labor rights by targeting a farmworker advocate

      The Trump administration has ramped up its immigration enforcement over the last month, and claims to be targeting  “the worst of the worst”...

      California bill would require landlords to provide fridges in apartments

      Tired of scouring Craigslist and Facebook Marketplace for a decently used refrigerator because your new apartment didn’t come with one? This...

      Why fintechs have been buying up banks

      Fintechs looking to gain the benefits of bank charters are starting to acquire them again by buying up...

      IRS Mileage Rates (How to Maximize Your Tax Deductions)

      While taxes are unavoidable, taking advantage of eligible deductions ensures you’re not leaving free money on the table. This article explains the IRS...

      Related Stories

      Leave A Reply

      Please enter your comment!
      Please enter your name here

      Stay on op - Ge the daily news in your inbox

      google.com, pub-6007374308804254, DIRECT, f08c47fec0942fa0
      google.com, pub-6007374308804254, DIRECT, f08c47fec0942fa0