U.S. President Trump is preparing an executive order targeting financial institutions that refuse to provide services based on political stance. The order is expected to be signed this week and will impose fines and other penalties on banks that violate laws such as the Equal Credit Opportunity Act and the Consumer Financial Protection Act.
Regulators will be instructed to investigate alleged discrimination against conservative customers, with potential consequences including consent decrees or policy reforms. The Small Business Administration will also review lending practices. Prior to this, Trump publicly accused major banks like JPMorgan Chase and Bank of America of bias against conservatives—both institutions have denied these allegations.
The initiative has gained support among Republican lawmakers and red states, viewing it as a countermeasure against Wall Street's so-called "woke capitalism". Market observers note that this could have a chain reaction on the stability of the financial sector, although the cryptocurrency market remains unaffected, as the order primarily targets traditional banking relationships.
