Bank of America is facing questions regarding its alleged practice of “de-banking” individuals and entities with conservative affiliations. RawHide Pictures, the production company behind a recent biopic on Ronald Reagan, claims the bank closed its accounts in 2021. The company presented a letter from Bank of America indicating account closure, although the accounts were later restored after an appeal.
RawHide Pictures stated that Bank of America provided no explanation for the closure at the time and has continued to refuse to disclose the reasons. The incident occurred around the same period when Bank of America, along with JP Morgan Chase, allegedly rejected deposits from former President Donald Trump after he left office. Trump has previously stated that these banks cut ties with him as part of a broader effort to isolate him from public life.
These actions accelerated following the January 6, 2021, Capitol riot, when media outlets intensified scrutiny on Trump. However, the alleged efforts to de-bank and de-platform began earlier. Twitter, before its acquisition by Elon Musk, suspended Trump's account in July 2020 after he shared a video of doctors questioning the scientific consensus on coronavirus.
The de-banking trend reportedly predates these events. In 2018, Bank of America announced it would cease providing financial services to certain gun manufacturers, a decision it later reversed. Critics argue this set a precedent where individuals or groups perceived negatively by the political left could lose access to financial services.
The article suggests a parallel with past government actions, referencing instances where conservative groups allegedly faced increased scrutiny from the IRS regarding their nonprofit status applications. This pressure, it is suggested, extended to the private sector, impacting banking relationships.
To investigate these claims, the Department of Justice under Trump's administration reportedly subpoenaed JP Morgan Chase and Bank of America. The article asserts the American public needs to understand the full extent of these de-banking practices.