On January 23, President Trump signed an Executive Order titled “Strengthening American Leadership in Digital Financial Technology.” Among other policy objectives and mandates, the Order refers to “protecting and promoting fair and open access to banking services for all law-abiding individual citizens and private-sector entities alike” as “support[ing] the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy.” On the same day, President Trump raised broader “debanking” concerns during a Q&A session following his virtual speech at the World Economic Forum in Davos, referring to complaints about banks denying services based on political views.
Although the ultimate contours of the “fair and open access” provision of the Order are currently unclear, considering the increasing focus on fair access to banking services by Congressional lawmakers, the Trump Administration and social media, banks should continue to monitor developments in this space closely, including potential legislation and regulatory actions at the federal level and their impact on state fair access laws.
View other S&C insights relating to President Trump’s recent executive orders.