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One of the key incidents that appears to have sparked the executive order involves Bank of America’s controversial decision to shut down the account of a Christian non-profit based in Memphis. Steve Happ, founder of Indigenous Advance Ministries, said the bank terminated his organization’s account in 2023 without clear explanation.
“I asked them, ‘What type of business do you think we are?’ And they wouldn’t answer me,” Happ said in an earlier interview with the Christian Post. “They said, I’m sorry, we cannot give you that information.’”
That chilling example of corporate overreach seems to have captured the attention of the Trump team. The draft reportedly singles out such cases as justification for broader action to defend religious liberty and political expression in the banking sector.
The order also reportedly criticizes how certain banks participated in federal investigations following the events of January 6, 2021. Some banks voluntarily turned over customer data to federal authorities, raising concerns about the weaponization of financial institutions for political targeting.
Bank of America, a central player in this controversy, issued a statement saying it intends to cooperate with any government directives. “We’ve provided detailed proposals and will continue to work with the administration and Congress to improve the regulatory framework,” a Bank of America spokesperson told The Wall Street Journal.
But President Trump has already fired a warning shot at the banking giant. During a high-profile moment in January, Trump directly called out Bank of America CEO Brian Moynihan during a global event.
“I hope you start opening your bank to conservatives,” Trump said in a clip shared widely on X.
“Many conservatives complained that the banks are not allowing them to do business within the bank, and that included a place called Bank of America,” Trump added.
He went further, suggesting that federal regulators may have pressured the banks to discriminate: “This conservative — they don’t take conservative business. And I don’t know if the regulators mandated that because of Biden or what,” Trump said, blasting Moynihan’s leadership and accusing banks of playing politics with people’s livelihoods.
If the executive order is signed, it will mark a major turning point in the ongoing battle over ideological bias in the corporate world. For conservatives who’ve long accused big banks and tech companies of silencing their voices, this could be the beginning of long-awaited justice.
Stay tuned—this story is developing rapidly and could shake up both Wall Street and Washington in a matter of days.
