The Trump administration is probing whether some of the nation’s biggest banks closed accounts of defendants charged in the January 6 Capitol breach for political reasons. The investigation, led by District of Columbia US Attorney Jeanine Pirro’s office, is examining whether banks discriminated against conservatives and industries disfavored by the Biden administration.

Background

The probe is focused on whether banks violated laws, including the Financial Institutions Reform, Recovery, and Enforcement Act, by closing accounts of Trump supporters and conservatives. The investigation has issued subpoenas to several banks, including Bank of America, Wells Fargo, and JPMorgan Chase.

The idea of using possible settlements from the debanking probe to compensate Trump supporters who claim they suffered financial harm due to their involvement in the January 6 protests was floated as a way to support the administration’s efforts to compensate people the president claims were victims of weaponization. However, Pirro stated that her investigation has nothing to do with the ‘anti-weaponization fund’ and is focused on bringing justice to those who have been debanked.

Reaction

US banking regulators have issued new guidelines removing the use of ‘reputation risk’ as a factor in assessing banking practices. The Office of the Comptroller of the Currency (OCC) has also launched a separate review into the matter, which is ongoing.

Original reporting: KTVZ (Central Oregon) — read the source article.