Republicans Target Bank Discrimination Against Conservatives With Investigations
Following remarks by President Donald Trump about banks discriminating against conservatives, Republicans in Congress are launching probes into financial institutions accused of shutting down accounts based on political beliefs. Sen. Tim Scott (R-SC), chair of the Senate Banking Committee, has announced a hearing set for February 5, 2025, to address concerns about the widespread issue.
Scott described the practice of debanking as “un-American,” emphasizing that no business or individual should be denied services because of their political affiliations. He criticized regulatory actions under the Biden administration, which he said have pressured banks into cutting off conservative customers and organizations.
Rep. Jim Comer (R-KY), leading the House Oversight Committee, confirmed his committee is also investigating complaints of financial institutions closing accounts of conservatives and businesses tied to energy and political activism. Comer questioned whether this is a result of ESG policies or government interference similar to past social media censorship cases.
Trump recently brought national attention to the issue by singling out Bank of America during an appearance at the World Economic Forum. He called on the bank to stop shutting out conservatives, stating that many have been denied the ability to conduct business. Bank of America denied the allegations, insisting they do not close accounts for political reasons and have no political litmus test for their customers.
Lawmakers plan to examine the potential role of financial regulators in influencing these decisions and whether banks are being pressured behind the scenes to align with liberal policies. Witnesses for the upcoming hearings are expected to include representatives from affected businesses and individuals who have experienced debanking firsthand.
The issue of debanking has gained momentum among conservatives, with increasing reports of financial institutions refusing services to those with right-leaning views. Comer noted that the investigation aims to uncover whether financial regulators under the Biden administration have been directing these actions through indirect pressure.
