Ramaswamy urges GOP to offer 'alternative vision' to Mamdani's agenda: 'Fork in the road'
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Yahoo
12 minutes ago
- Yahoo
The debanking issue is back as Trump slams — once again — some major lenders
Debanking is back in the spotlight this week after President Trump said Tuesday that the country's two largest US banks, JPMorgan Chase (JPM) and Bank of America (BAC), denied him as a customer. "The banks discriminated against me very badly, and I was very good to the banks," Trump said on CNBC's "Squawk Box," adding that "they discriminate against many conservatives." For years, Republicans have claimed that US banks have denied accounts to certain customers for political reasons. Crypto companies have warned more recently that they weren't permitted to get banking services during the Biden era. "I had hundreds of millions. I had many, many accounts loaded up with cash. I was loaded up with cash, and they told me, 'I'm sorry, sir, we can't have you. You have 20 days to get out,'" Trump said of his experience losing bank accounts with JPMorgan Chase. The president said he then went to Bank of America "to deposit a billion dollars plus" and was similarly denied. "He said, 'We can't do it,'" Trump told "Squawk Box" while also referencing pressure on banks from Washington, D.C., regulators as a key reason for why he and others have been denied banking services. "I ended up going to small banks all over the place," Trump added. The president's comments came in response to a Wall Street Journal report late Monday stating that the White House is preparing to draft a related executive order around debanking that would fine banks found discriminating against customers on political grounds. Bank of America did not immediately offer a response to Trump's comments. "We don't close accounts for political reasons, and we agree with President Trump that regulatory change is desperately needed. We commend the White House for addressing this issue and look forward to working with them to get this right," a JPMorgan spokesperson said in emailed comments. Both of these giant lenders and their CEOs have denied debanking customers on political grounds. Learn more about high-yield savings accounts, money market accounts, and CD accounts. Trump first brought visibility to the debanking issue back in January when he confronted Bank of America's Brian Moynihan about it during a live Q&A at the World Economic Forum in Davos, Switzerland. "I hope you start opening your bank to conservatives," Trump told Moynihan. The president also appeared to include JPMorgan Chase CEO Jame Dimon in his confrontation. "I don't know if the regulators mandated that because of Biden or what, but you and Jamie and everybody else, I hope you open your banks to conservatives, because what you're doing is wrong," Trump added. Two months later, the Trump Organization sued major credit card lender Capital One (COF) for allegedly debanking hundreds of its accounts following the Jan. 6, 2021, attack on the US Capitol in Washington, D.C. Bank regulators have already eliminated one element in supervision that has been pointed to as a culprit of debunking, known as reputational risk. Critics said this element of supervision was previously too subjective, allowing regulators additional room to penalize lenders for taking on customers they deemed risky. "The heart of the problem is regulatory overreach and supervisory discretion," a spokesperson for the Bank Policy Institute, a D.C. banking industry advocacy group, said in an emailed statement. "The banking agencies have already taken steps to address issues like reputational risk, and we're hopeful that any forthcoming executive order will reinforce this progress by directing regulators to confront the flawed regulatory framework that gave rise to these concerns in the first place," BPI added. Each of the bosses for these big banks has addressed the issue by also pointing a finger at regulators. "We have not debanked anyone because of political or religious relationships, period," JPMorgan's Dimon said during a podcast interview earlier this year, in which he acknowledged that debanking happens. "The reality is that if they gave us clarity from the regulatory thing and avoid the second-guessing, that would be helpful," Bank of America's Moynihan said in a CBS interview on Sunday. David Hollerith is a senior reporter for Yahoo Finance covering banking, crypto, and other areas in finance. Click here for in-depth analysis of the latest stock market news and events moving stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
San Francisco Chronicle
13 minutes ago
- San Francisco Chronicle
House committee issues subpoenas for Epstein files and depositions with the Clintons
WASHINGTON (AP) — The House Oversight Committee subpoenaed the Justice Department on Tuesday for files in the Jeffrey Epstein sex trafficking investigation and is seeking depositions with the Clintons and former law enforcement officials, part of a congressional probe that lawmakers believe may show links to President Donald Trump and former top officials. The Republican-controlled committee issued subpoenas for depositions with former President Bill Clinton, former Secretary of State Hillary Clinton and eight former top law enforcement officials. The committee's actions showed how even with lawmakers away from Washington on a monthlong break, interest in the Epstein files is still running high. Trump has denied prior knowledge of Epstein's crimes and claimed he cut off their relationship long ago, and he has repeatedly tried to move past the Justice Department's decision not to release a full accounting of the investigation. But lawmakers from both major political parties, as well as many in the Republican president's political base, have refused to let it go. Rep. James Comer, the Republican chairman of the oversight committee, noted in letters to Attorney General Pam Bondi and the former officials that the cases of Epstein and his former girlfriend Ghislaine Maxwell 'have received immense public interest and scrutiny.' 'While the Department undertakes efforts to uncover and publicly disclose additional information related to Mr. Epstein and Ms. Maxwell's cases, it is imperative that Congress conduct oversight of the federal government's enforcement of sex trafficking laws generally and specifically its handling of the investigation and prosecution of Mr. Epstein and Ms. Maxwell,' Comer said. Since Epstein's 2019 death in a New York jail cell as he awaited trial for sex trafficking charges, conservative conspiracists have stoked theories about what information investigators gathered on Epstein — and who else could have been involved. Republican lawmakers on the House Oversight Committee nodded to that line of questioning last month by initiating the subpoenas for the Clintons, both Democrats, as well as demanding all communications between President Joe Biden's Democratic administration and the Justice Department regarding Epstein. The committee is also demanding interviews under oath from former attorneys general spanning the last three presidential administrations: Merrick Garland, William Barr, Jeff Sessions, Loretta Lynch, Eric Holder and Alberto Gonzales. Lawmakers also subpoenaed former FBI Directors James Comey and Robert Mueller. However, it was Democrats who sparked the move to subpoena the Justice Department for its files on Epstein. They were joined by some Republicans last month to successfully initiate the subpoena through a subcommittee of the House Oversight Committee. 'Today was an important step forward in our fight for transparency regarding the Epstein files and our dedication to seeking justice for the victims," said Democratic Reps. Robert Garcia, the top Democrat on the committee, and Summer Lee, who initiated the subpoena, in a joint statement. 'Now, we must continue putting pressure on the Department of Justice until we actually receive every document.' The subpoenas give the Justice Department until Aug. 19 to hand over the requested records, though such records requests are typically open to negotiation. The committee is also asking the former officials to appear for the depositions throughout August, September and October, concluding with Hillary Clinton on Oct. 9 and Bill Clinton on Oct. 14. While several former presidents, including Trump, have faced congressional subpoenas, none has ever appeared before lawmakers under compulsion. The committee had previously issues a subpoena for an interview with Maxwell, who had been serving a prison sentence in Florida for luring teenage girls to be sexually abused by the wealthy financier but was recently transferred to a Texas facility.
Los Angeles Times
13 minutes ago
- Los Angeles Times
House committee issues subpoenas for Epstein files, depositions with Clintons and other officials
WASHINGTON — The House Oversight Committee subpoenaed the Justice Department on Tuesday for files in the sex trafficking investigation into Jeffrey Epstein, part of a congressional probe that lawmakers believe may show links to President Trump and other former top officials. The Republican-controlled committee also issued subpoenas for depositions with former President Bill Clinton, former Secretary of State Hillary Clinton and eight former top law enforcement officials. The committee's actions showed how even with lawmakers away from Washington on a monthlong break, interest in the Epstein files is still running high. Trump has denied prior knowledge of Epstein's crimes and claimed he cut off their relationship long ago, and he has repeatedly tried to move past the Justice Department's decision not to release a full accounting of the investigation. But lawmakers from both major political parties, as well as many in the Republican president's political base, have refused to let it go. Since Epstein's 2019 death in a New York jail cell as he awaited trial for sex trafficking charges, conservative conspiracists have stoked theories about what information investigators gathered on Epstein — and who else could have been involved. Republican lawmakers on the House Oversight Committee nodded to that line of questioning last month by initiating the subpoenas for the Clintons, both Democrats, as well as demanding all communications between President Joe Biden's Democratic administration and the Justice Department regarding Epstein. The committee is also demanding interviews under oath from former attorneys general spanning the last three presidential administrations: Merrick Garland, William Barr, Jeff Sessions, Loretta Lynch, Eric Holder and Alberto Gonzales. Lawmakers also subpoenaed former FBI directors James Comey and Robert Mueller. However, it was Democrats who sparked the move to subpoena the Justice Department for its files on Epstein. They were joined by some Republicans to successfully initiate the subpoena through a subcommittee of the House Oversight Committee. 'Democrats are focused on transparency and are pushing back against the corruption of Donald Trump,' Rep. Robert Garcia, who is the top Democrat on the House Oversight Committee, told reporters last month. 'What is Donald Trump hiding that he won't release the Epstein files?' The committee had previously issues a subpoena for an interview with Ghislaine Maxwell, Epstein's former girlfriend, who had been serving a prison sentence in Florida for luring teenage girls to be sexually abused by the wealthy financier but was recently transferred to a Texas facility. However, the committee's Republican chairman, Rep. James Comer, has indicated he is willing to delay that deposition until after the Supreme Court decides whether to hear an appeal to her conviction. She argues she was wrongfully prosecuted. Groves writes for the Associated Press.
