NYP reported the refusal of major US banks to service Trump

JPMorgan Chase and Bank of America, the largest US banks, refused to service President Donald Trump due to a protest on January 6, 2021, when, after the first presidential term, the Trump administration opposed the recognition of Joe Biden as the new American leader (currently ex—president of the United States). This was reported on August 5 by The New York Post (NYP), citing sources.

"JPMorgan and Bank of America "stripped the bank" of President Trump <...> after pressure from banking regulators of the Biden administration and the Federal Reserve System," the publication says.

It is noted that the Biden administration and the Federal Reserve System put pressure on Trump's de-banking. In addition, according to sources, the personal reluctance of banks to stop cooperating with Trump due to pressure can also be considered one of the reasons.

"The regulators have made it clear to us that we should not deal with him," NYP said.

Despite Trump's denial of service, banks do not oppose the policy of the American leader.

"We are not closing accounts for political reasons, and we agree with President Trump that regulatory changes are urgently needed. We thank the White House for resolving this issue and look forward to working with them to fix it," the publication added.

Earlier, on July 25, it was reported that any attempt to limit the independence of the US Federal Reserve System (FRS) would "have a very bad effect on the markets." It is noted that markets value the independence of central banks, especially in setting interest rates.

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