Guo Ji Jin Rong Bao·2025-08-06 12:28Core Viewpoint - The controversy surrounding major banks, JPMorgan Chase and Bank of America, refusing to provide deposit services to former President Trump has reignited discussions about political discrimination in banking practices [2][3]. Group 1: Bank Responses - JPMorgan Chase stated that it does not close accounts for political reasons and supports regulatory reforms [3][4]. - Bank of America expressed its willingness to collaborate with the government to clarify related policies and improve the regulatory framework [4]. Group 2: Regulatory Actions - The Trump administration is preparing an executive order to direct regulatory agencies to investigate whether financial institutions are denying services based on political reasons, potentially violating various laws [3][4]. - The executive order may be announced on August 6, with the White House yet to respond at the time of reporting [3]. Group 3: Industry Context - The banking industry has faced scrutiny over claims of refusing service to conservative clients, with banks denying such allegations and emphasizing compliance with federal laws aimed at preventing financial crimes [4][5]. - The concept of "reputational risk" has been a focal point of contention, with banks arguing that excessive regulations and aggressive regulators hinder their operations [5][6]. Group 4: Market Impact - Following Trump's allegations, both JPMorgan Chase and Bank of America experienced a decline of over 1% in their stock prices during afternoon trading [2].