President Donald Trump is set to issue an executive order that would pressure banks not to discriminate against conservatives and crypto companies.
The Wall Street Journal reported the Trump administration is preparing an executive order that would direct bank regulators to investigate if financial institutions have violated the Equal Credit Opportunity Act, antitrust laws, or consumer financial protection laws. Institutions that may have violated those laws could be subject to monetary penalties or consent decrees.
The order also calls for sending potential violations to the attorney general; the Justice Department in April said it launched a task force to examine allegations of debanking based on “impermissible factors.”
The draft order appears to refer to an instance where Bank of America allegedly shut down the accounts
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