US Attorney Pirro Opening Probe of ‘Debanking’ by America’s Biggest Financial Institutions

U.S. Attorney Jeanine Pirro of the District of Columbia launched an investigation into alleged politicized “debanking” of conservative and other disfavored groups by the nation’s largest banks, the Wall Street Journal reported.

Among the banks being scrutinized are JPMorgan Chase, Bank of America, and Wells Fargo, the Journal reported.

In August, President Donald Trump signed an executive order directing federal bank regulators to investigate whether financial institutions engaged in “politicized or unlawful debanking.”

The order directed regulators to take appropriate measures, including fines or making referrals to the Justice Department.

Fox News reported last August that, according to an unnamed bank executive, pressure from regulators to cancel political adversaries was “very, very real.” Trump stated, “The banks discriminate against conservatives, they discriminate against religion, because they’re afraid of the radical left.”

Trump has said JP Morgan Chase blocked his account after his first term.

In May 2022, three weeks after the National Committee for Religious Freedom opened an account, JPMorgan Chase closed it, according to the committee’s head Sam Brownback, a former Kansas governor. JPMorgan has said it had nothing to do with political or religious views and said the decision was made because, under federal laws, it needed more information about donors and recipients.

In December, the Office of the Comptroller of the Currency released a preliminary report that found early evidence of debanking by the nine largest banks. The OCC report found that affected industries included oil and gas, coal, firearms manufacturers, and the adult entertainment business. The findings also said banks considered issues such as fighting climate change and racial inequality when deciding business partners.

For their part, various banks have asserted they don’t close accounts for political or religious reasons. Banks have blamed their decisions not to work with certain industries on regulatory pressure, the Journal reported.

The Journal, citing sources, said that regulators had not made referrals to the Justice Department yet and said Pirro initiated the investigations on her own.

Specifically, Pirro’s office is investigating whether the banks might have violated laws that include the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, a law traditionally used to prosecute bank-related fraud, the paper said.

A JPMorganChase spokesperson told The Daily Signal in February 2023, “I can tell you confidently we have never [closed], and would never close, an account due to one’s political or religious affiliation. Full stop.” 

In January 2025, at the World Economic Forum, Trump brought up the issue to Bank of America CEO Brian Moynihan in response to his question.

“You’ve done a fantastic job, but I hope you start opening your bank to conservatives, because many conservatives complain that the banks are not allowing them to do business within the bank, and that included a place called Bank of America,” Trump told Moynihan. “They don’t take conservative business. … I hope you’re going to open your banks to conservatives because what you’re doing is wrong.”

In March 2025, Bank of America spokesman Bill Halldin said the bank supported legislation from Sen. Tim Scott, R-S.C., the Financial Integrity and Regulation Management (FIRM) Act, to scrap regulations that could force debanking. 

“Given our client base of 70 million and opening 12 million new accounts last year alone, it’s clear that we are focused on being a bank that serves everyone, regardless of political viewpoints,” Halldin told The Daily Signal. “We are required to follow extensive government regulations that sometimes result in requirements to exit relationships. We never close accounts for political reasons and don’t have a political litmus test.”