BofA, JPMorgan to lobby White House, Congress after conservative criticism
Source: Yahoo! Finance/Reuters
Updated Fri, January 24, 2025 at 6:51 PM EST
NEW YORK (Reuters) -Bank of America and JPMorgan are set to lobby the White House and Congress to defend themselves from accusations by President Donald Trump and others that they have shut down accounts of conservative customers on political grounds.
The banks said they need clearer guidance from the government on how best to police money laundering and provide services across a range of industries. On Thursday, Trump singled out JPMorgan Chase and Bank of America, saying they did not provide banking services to conservatives.
Trump's criticism echoed longstanding "debanking" complaints from Republicans, who have accused Wall Street banks of "woke capitalism," as well as denying services to gunmakers, fossil-fuel companies and others perceived to be aligned with the political right. The two banks on Thursday denied they made banking decisions based on politics.
"We take this issue very seriously," a BofA spokesperson said on Friday. "We will be engaging with the administration and Congress regarding the extensive government regulations that sometimes result in requirements to exit relationships." The spokesperson said the bank serves more than 70 million clients and welcomes conservatives. "We never close accounts for political reasons and don’t have a political litmus test," the spokesperson said.
Read more: https://finance.yahoo.com/news/bofa-plans-engage-white-house-213531654.html
= new reply since forum marked as read
always make decisions that hurt wealthy people. 
Dude lives in in a fantasy world.
