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Bank of America CEO Responds to Trump on Overregulation
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February 25, 2025
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3:37Now PlayingOver-regulation of lenders is the main driver of customers being shut out of the US banking system, and not political bias, according to Bank of America Corp. Chief Executive Officer Brian Moynihan.
“We bank everybody. The real question was about over-regulation frankly,” the CEO said Tuesday at the Economic Club of Washington, DC.
Last month, President Donald Trump publicly rebuked Moynihan at the World Economic Forum in Davos, Switzerland, accusing Bank of America of limiting business with certain clients. Trump also called out JPMorgan Chase & Co. CEO Jamie Dimon for the same alleged mistreatment of conservative customers. Both banks have said they don’t discriminate against customers on the basis of their religion or political beliefs.
“If you look at what has happened, it’s because interpretations of anti-money-laundering, the Bank Secrecy Act, KYC — know your customers,” Moynihan said. “There is a lot of burden upon the banking system to both report suspicious activity and do a lot of analysis.”
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