One of the greatest threats to freedom facing Americans today is the weaponization of the financial system.
President Donald Trump is well-positioned to solve this problem, and it is essential that he do so, before more people and groups fall prey to this highly immoral practice.
Over the past several years, banks and other financial institutions have used their power to punish politicians, organizations, and everyday Americans with whom they disagree on social or political issues.
Unfortunately, Christians and conservatives have been two of the groups most often victimized by these authoritarian strategies.
For example, in 2023, JPMorgan Chase, one of the largest banks in the United States, unexpectedly chose to close the account of the National Committee for Religious Freedom, a nonprofit organization dedicated to advancing religious liberty.
According to NCRF Chairman Sam Brownback, a former U.S. senator and governor of Kansas, the local Chase branch first refused to give the organization any details about the decision to close the account, other than that Chase’s corporate office made the decision.
Conservatives and Christians have faced mistreatment by major financial institutions, many of which now openly align with left-wing values.
In a Newsweek article about the incident, Brownback and Jeremy Tedesco, senior counsel at the Alliance Defending Freedom, a nonprofit Christian law firm, explained that Chase provided conflicting explanations for closing the NCRF’s account. According to them, a representative from Chase’s corporate office initially stated that the bank might reinstate the account if NCRF disclosed a list of donors who contributed 10% or more of its operating budget. The bank also asked NCRF to reveal its criteria for selecting political beneficiaries.
NCRF refused, citing concerns over donor privacy and skepticism that Chase imposed similar requirements on other nonprofits.
Brownback and Tedesco noted that Chase later changed its explanation multiple times. At one point, the bank acknowledged that Brownback’s background as a politician led to increased scrutiny and unusual demands.
They believe Chase targeted NCRF because of its ideological views. The bank’s failure to offer a reasonable alternative explanation supports that conclusion.
The NCRF isn’t the only conservative-aligned organization that has faced mistreatment by the financial system in recent years. Numerous conservative activists and organizations have reported being de-banked or threatened with account closures — including Trump’s businesses and family members.
Less than two weeks after the January 6, 2021, riots at the U.S. Capitol, Deutsche Bank announced it would stop doing business with Trump and his companies. At the time, Deutsche Bank had worked with Trump for two decades.
In her 2024 memoir, former first lady Melania Trump said her bank also closed her accounts and later refused to open one for her son, Barron. She believes the decision was politically motivated and violated her and her son’s civil rights.
In 2023, Bank of America unexpectedly closed accounts belonging to a Memphis-based church and its ministry partner Indigenous Advance, citing concerns over the organizations’ “risk tolerance” policies.
Alliance Defending Freedom reviewed the case and determined that Indigenous Advance is not a dangerous organization. Its mission is “to serve impoverished Ugandans, helping them meet their basic needs and sharing the gospel with them,” and apparently, “this was too much for the bank,” according to ADF.
Moms for Liberty, a nationwide conservative organization, claims that it had its PayPal account unjustifiably frozen multiple times before the group decided to close it altogether.
While some of these account closures by financial institutions in recent years may have been mistakes, it seems unlikely that all or even most were coincidences. The many well-documented cases of conservative and Christian groups losing their accounts suggest a broader pattern.
The evidence indicates these weren’t mistakes. Instead, conservatives and Christians have faced mistreatment by major financial institutions, many of which now openly align with left-wing values.
Even more concerning, the problem may be more widespread than it appears. In most cases, banks aren’t required to provide customers with specific reasons for account closures. Without recourse, many affected individuals and groups struggle to prove they were targeted for their beliefs.
This issue isn’t about politics or favoring one religion over another. Large financial institutions should not be allowed to discriminate unjustly. Banks should treat all law-abiding customers equally, offering services based on financial standing — not social, environmental, or political factors.
President Trump can take action through federal regulatory agencies like the Office of the Comptroller of the Currency. He has the authority to issue rules requiring nationally chartered banks to treat all customers fairly, regardless of their political or religious views. On the campaign trail, he repeatedly promised to do just that.
At a January event in Davos, Trump publicly criticized major banks, including Bank of America and JPMorgan, for discriminating against conservatives. Despite these statements, his administration has yet to implement policies to stop banks and other financial institutions from engaging in such practices.
Mr. President, what are you waiting for? Now is the time to act. Put an end to discriminatory and reckless banking practices before more innocent Americans suffer the consequences.
Donald trump, Jp morgan chase, Debanking, Consumer financial protection bureau, Barron trump, Melania trump, Sam brownback, National committee for religious freedom, Deutsche bank, Religious discrimination, Conservatives, Regulation, Financial system, Opinion & analysis
