White House Moves to Protect Conservatives and Crypto Firms from Banking Discrimination

The White House is reportedly drafting an executive order aimed at penalizing banks for politically motivated debanking practices. This initiative comes amid growing concerns over discrimination against conservatives and cryptocurrency firms. According to the Wall Street Journal, which viewed a draft of the order, President Donald Trump could sign the directive as early as this week.

Investigating Financial Institutions

The proposed order would require bank regulators to examine whether financial institutions have violated the Equal Credit Opportunity Act, antitrust laws, or consumer financial protection laws. Banks found in violation could face monetary penalties, consent decrees, or other disciplinary actions.

Eliminating Exclusionary Policies

Additionally, the draft order seeks to abolish internal bank policies that may have led to the exclusion of certain customers. It also tasks the Small Business Administration with reviewing the practices of banks that guarantee the agency's loans, ensuring fairness and transparency in lending practices.

Legal Consequences and Capitol Riot Probe

In cases of potential violations, regulators are instructed to refer matters to the attorney general. The draft order also criticizes the involvement of some banks in the investigation of the January 6, 2021, riots at the US Capitol, highlighting the administration's stance on financial institutions' roles in political events.