Conservative and Christian groups face growing financial discrimination, sparking calls for legislative action to ensure fair treatment in banking.
At a Glance
- JPMorgan Chase closed the National Committee for Religious Freedom’s account without clear explanation
- Deutsche Bank severed ties with Donald Trump following the January 6 Capitol riots
- Bank of America closed accounts of a Memphis church and its partner, citing “risk tolerance”
- Conservatives argue for legislative action to prevent ideological discrimination in banking
- Banks are not required to provide reasons for account closures, complicating proof of discrimination
Financial Institutions Accused of Targeting Conservatives
The American financial system is facing accusations of weaponization against conservative and Christian groups, raising concerns about freedom and equal treatment. Several high-profile incidents have fueled these claims, suggesting a pattern of discrimination based on political and religious affiliations.
One of the most notable cases involves JPMorgan Chase’s closure of the National Committee for Religious Freedom’s (NCRF) banking arrangements in 2023. The incident sparked controversy when the bank allegedly demanded that NCRF disclose donor information and political criteria, which the organization refused to provide.
My Bid to Make JPMorgan Less Woke "As a shareholder of @JPMorgan Chase, I proposed a resolution on Jan. 13 calling for an evaluation of the company’s discrimination policies, including those related to religious and political views. My proposal is a response to media reports that…
— Tom Fitton (@TomFitton) April 17, 2023
High-Profile Figures Affected
The issue extends beyond religious organizations to prominent political figures. Following the January 6, 2021, Capitol riots, Deutsche Bank made the decision to cease business with President Donald Trump. This move was seen by many as a politically motivated action rather than a purely financial decision.
These incidents have led to growing concerns among conservatives about the potential for financial institutions to use their power to influence political discourse and punish those with differing ideological views.
Broader Pattern of Discrimination
The alleged targeting of conservative and Christian groups is not limited to major banks. Other financial service providers have also been accused of discriminatory practices. For instance, Moms for Liberty reported repeated unjustified freezes of their PayPal account, suggesting a broader pattern of financial discrimination against conservative organizations.
The lack of transparency in these decisions has further fueled suspicions of ideological targeting. Banks are not required to provide reasons for account closures, making it difficult for affected parties to prove discrimination.
Calls for Legislative Action
In response to these incidents, there are growing calls for legislative action to ensure fair treatment of all law-abiding customers by financial institutions. Advocates argue that federal regulatory agencies should be empowered to enforce non-discriminatory practices in the banking sector.
While President Trump has criticized banks for discrimination, concrete policies to prevent such practices have yet to be implemented. As the issue gains more attention, there is increasing pressure on political leaders to address this perceived threat to freedom and equal treatment in America’s financial system.
