Jan 23 (Reuters) - U.S. President Donald Trump on
Thursday accused the CEOs of Bank of America ( BAC ) and
JPMorgan Chase ( JPM ) of not providing banking services to
conservatives.
Trump, who returned to the White House on Monday, made a
habit of accusing companies like Boeing and Ford of wrongdoing
during his first term while praising others that furthered his
political aims. In a campaign speech last year, Trump cited
right-wing complaints about the U.S. banking system.
Republican-led states have unleashed a policy push to punish
Wall Street for taking stances on gun control, climate change,
diversity and other social issues that have polarized the
country.
"I hope you start opening your bank to conservatives,
because many conservatives complain that the banks are not
allowing them to do business within the bank, and that included
a place called Bank of America ( BAC )," Trump said during an address at
the World Economic Forum in Davos, Switzerland, via a video
link.
"What you're doing is wrong," he said, without citing
evidence or specifics of any wrongdoing, in a
question-and-answer session with corporate leaders and CEOs
assembled on stage.
Bank of America ( BAC ) CEO Brian Moynihan did not address the claim
in comments right after Trump spoke, but complimented him on the
U.S. hosting the upcoming World Cup.
"We welcome conservatives and have no political litmus
test," a Bank of America ( BAC ) spokesperson said in an email.
JPMorgan ( JPM ), the biggest U.S. lender, also said it
has never and would never close an account for political
reasons.
"We follow the law and guidance from our regulators and
have long said there are problems with the current framework
Washington must address," it said.
"We welcome the opportunity to work with the new
Administration and Congress on ways to remove regulatory
ambiguity while maintaining our country's ability to address
financial crime," a JPMorgan ( JPM ) spokesperson said by email.
Big banks have said they face numerous regulatory
requirements that their clients comply with laws, and ambiguity
in those areas can lead to excessive caution.
Dimon said in an internal JPM podcast this week that
banking regulations should be clearer about what is allowed or
prohibited.