Congress Investigates Banks Over Allegations Of Conservative Account Closures

Republican lawmakers are launching inquiries into reports that financial institutions have been selectively closing accounts belonging to conservatives. These investigations come in response to President Donald Trump’s recent criticism of Bank of America for allegedly blocking conservative clients from accessing banking services.

Sen. Tim Scott (R-SC), who chairs the Senate Banking Committee, announced that a hearing on the matter will take place on February 5, 2025. Scott argued that political discrimination by financial institutions violates core American values and vowed to work with lawmakers and industry leaders to ensure fair treatment for all.

https://twitter.com/SenatorTimScott/status/18829200952000389903

Rep. Jim Comer (R-KY), chairman of the House Oversight and Accountability Committee, confirmed his committee is also investigating the issue. Comer is seeking to determine whether these account closures are driven by ESG policies or if federal regulators under the Biden administration have exerted pressure on banks to deny services to conservative individuals and businesses.

Trump’s remarks at the World Economic Forum drew attention to the issue when he called out Bank of America, demanding that it stop excluding conservative customers. The bank denied any political bias in a public statement, asserting that it serves all clients without discrimination.

The congressional investigations are expected to include testimonies from business owners and individuals who claim they were targeted. Lawmakers will also review banking policies to determine if any regulatory changes contributed to the alleged financial exclusion.

With the hearing date approaching, financial institutions may soon face increased scrutiny as Republican leaders push for greater transparency in the banking sector.

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