Trump has signed a historic executive order to end the quietly expanding financial repression of conservatives, and the timing could not be more urgent.
For years, major banks and payment processors have denied accounts, cut off services, and blacklisted customers for nothing more than their political or religious beliefs without any explanation.
Now, with the stroke of a pen, Trump has made it clear that this abuse will no longer be tolerated.
His order directs regulators to investigate whether financial institutions violated laws like the Equal Credit Opportunity Act or antitrust statutes when targeting conservative-aligned clients, delivering a simple message: financial exclusion is unacceptable in the United States of America.
Trump himself revealed that both Bank of America and JPMorgan Chase denied him, even with “hundreds of millions in cash,” access to banking services, saying: “They discriminate against me… they discriminate against many conservatives… or really Trump supporters.”
If a former president can be shut out of the financial system, imagine the vulnerability of ordinary Americans who find themselves on the wrong side of a banker’s political litmus test.
De-banking, the closing or blocking of accounts based on political or ideological views, is not abstract.
Conservatives, Christians, pro-life advocates, crypto entrepreneurs, and even moms at school board meetings have been targeted.
Accounts have been frozen, services denied, and customers blacklisted solely for exercising constitutionally protected speech. Earlier this year, we exercised our shareholder rights to confront a major bank, U.S. Bank, during its 2025 Annual Meeting.
We presented a proposal addressing the risks of politicized de- banking and gave the floor to Mr. Ullrich, the State Chairman of the Constitution Party of Idaho, to recount how U.S. Bank closed their account without explanation. Management had our presentation two weeks in advance.
This was not a surprise attack.
Yet during the Q&A, they dodged the question three separate times, repeating the same scripted response: “We do not de-bank customers.” They refused to address the substance of the claim and so far have not reached out to Mr. Ullrich to resolve the matter. No American should have to worry that their financial institution will deny them service based on their religious or political beliefs. This kind of evasiveness is unacceptable. Especially in states like Florida, Tennessee, and Idaho, which now prohibit banks from closing accounts due to religion or political affiliation.
U.S. Bank’s refusal to acknowledge the risk of viewpoint discrimination exposes both shareholders and the broader public to serious liability. Not every bank is ignoring the shift. Even JPMorgan Chase, long an ESG-obsessed, DEI-driving institution, recently adopted a policy explicitly protecting customers from viewpoint-based de- banking.
When Jamie Dimon starts backpedaling, you know the political climate is shifting. JPMorgan sees the writing on the wall. U.S. Bank and others should take note. Trump’s executive order now is a reality, and it delivers a clear message: whether you are pro- life, pro-Second Amendment, or simply questioning the narrative, your access to checking accounts, loans, or digital payments should never be in jeopardy.
We have never owned JPMorgan Chase or Bank of America in our ETF.
Their long-standing hostility to conservative values, ESG extremism, and history of de-banking made them a poor fit. We foresaw this threat and acted. Trump’s remarks confirm we got it right. The public is waking up. The financial industry is on notice.
Critics already cry about the politicization of finance.
But where were these voices when PayPal froze conservative funds? When Visa restricted gun retailers? When banks silently blacklisted pro-life nonprofits?
The system has been politicized for years. Trump is not injecting politics into banking, he is draining it. If you value your rights, your voice, and your ability to participate in the economy, this order is essential.
It should strike fear into the political elite who believed they could lock conservatives out without consequence. Trump’s order flips the script: discrimination becomes liability, not leverage.
This is not about rhetoric, it is about restoring equal protection under the law. It is about making sure no American is cut off from financial services because of their political beliefs. It is not just about Trump, it is about defending every American’s constitutional right to think and live freely without fear of financial retaliation.
Trump is delivering bold, direct action.
He promised to drain the swamp. Now he is taking on what has become one of the most coercive institutions in America.
Banks beware: no more ideological cancel culture.
No more punishing dissent.
No more turning financial infrastructure into enforcement arms of the woke.
This order now is a reality. And Americans finally have a president willing to stand for fairness in finance. This is a big win for America. Despite existing laws against discrimination, banks continue to weaponize vague terms like “reputational risk” and “hate speech” to justify de-banking Americans they disagree with.
As we have seen, “hate speech” often means nothing more than speech the Left hates.
So while we welcome Trump’s decisive action, we remain skeptical that regulation alone will solve the problem. Real change comes from public pressure. When the American people are fully aware of this abuse, corporate executives will face the kind of accountability that no regulation can force: activism, outrage, and yes, boycotts. That is how we win. Thank you, President Trump, for once again putting the American people first.
William Flaig is the CEO and Co-Founder of the American Conservative Values ETF (ACVF). Learn more at www.investconservative.com
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