Trump to sign executive order punishing financial institutions for ‘debanking’: Report
Trump’s executive order comes as a group of bank associations are trying to block bank applications from four digital asset firms.
US President Donald Trump is set to sign an executive order on Thursday instructing federal bank regulators to identify and fine financial institutions that engaged in “debanking.”
According to Bloomberg on Thursday, citing a senior White House official, regulators will be required to review complaint data, while financial institutions under the purview of the Small Business Administration will be asked to make efforts to reinstate clients who were unlawfully denied banking services.
Debanking has been a key concern among some political groups, who argue that businesses such as gun manufacturers and fossil fuel companies have been denied banking services for idealogical reasons.