JPMorgan and Bank of America “debanked” President Trump for his role in the January 6 Capitol Hill melee following pressure from the Biden administration’s banking regulators and the Federal Reserve, people with direct knowledge of the matter tell The Post.
The exact reason for Trump and his tens of millions of dollars in holdings being kicked off the JPMorgan banking platform, and then denied access to Bank of America’s services has yet to be reported.
But sources at the banks — the No. 1 and No. 2 largest in the US in terms of assets — confirmed the cause stemmed from the controversy surrounding Trump’s actions that day, and threats from Biden’s bank regulators that banking the former president’s money put them at in danger of falling afoul of rule that prohibit financial institution from doing business with individuals and companies that present a “reputational risk.”
People at the banks tell The Post that Biden’s banking cops at the Office of the Comptroller of the Currency, the FDIC and the Federal Reserve often used the nebulous nature of the edict to go beyond debanking money launderers and drug kingpins.
They were pressured to include people who have heterodox political and business ties that often included conservatives and anyone who participated in the January 6 protests. (Read more: New York Post, 8/5/2025) (Archive)