According to a report by The Wall Street Journal, the White House is preparing to escalate pressure on major banks regarding their alleged actions of closing accounts of conservative individuals and cryptocurrency companies 'based on political stance,' intending to combat these actions through an executive order. According to a draft obtained by The Wall Street Journal, the executive order would threaten to impose fines on such financial institutions.
This executive order draft requires banking regulators to investigate whether financial institutions have violated the Equal Credit Opportunity Act, antitrust laws, or consumer financial protection regulations. Once violations are verified, banks may face monetary penalties, consent orders, or other disciplinary actions. According to informed sources, this order may be signed as soon as this week, but delays or adjustments are also possible.
The draft does not name specific banks but clearly alludes to the previous incident where 'Bank of America' closed a Christian organization's bank account in Uganda, when the bank was accused of shutting the account due to the organization's religious beliefs; however, Bank of America responded by stating that its policy does not provide services to small businesses operating outside the U.S.
Additionally, the draft also criticizes the role of some banks in the investigation of the January 6 Capitol riot, implying that their cooperation may have political bias.
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