Gasparino: Inside the enormous Biden effort to ‘debank’ Trump after Jan. 6

The effort to “debank” Donald Trump due to pressure from Biden administration regulators extended beyond JPMorgan and Bank of America, with at least 10 other financial institutions cutting ties with the billionaire real estate tycoon following the Jan. 6 Capitol Hill ­melee.

These actions were taken in the months after Trump left the White House in 2021, according to sources within the Trump Organization.

The magnitude of the blacklisting is now being revealed for the first time. 

This issue should be highlighted as it poses a threat to every American citizen if big banks can cancel a former president based on politics rather than legality.

Expressing an opinion or starting a business that goes against progressive cultural norms can result in economic consequences such as being “debanked,” which is a concerning aspect of cancel culture.

Debanking, a term used to sanitize the severe impact of negating an American citizen’s ability to save and conduct business through a major bank, is a dangerous trend.

Efforts are being made by Trump and Republicans like South Carolina Sen. Tim Scott to end the politicization of banking, which has extended beyond laws meant to prevent criminal activities.

The enforcement of reputational risk, used to prevent financial institutions from engaging with individuals like Jeffrey Epstein, took a political turn under pressure from the Biden administration, leading to the cancellation of Trump and others.

The pressure from the Biden administration on banks extended to areas such as cryptocurrency, guns, conservative religious organizations, and anything associated with the MAGA movement, including Trump’s businesses.

While there is no direct evidence of a directive to banks to cancel Trump, the pressure exerted by regulators resulted in banks choosing to cut ties with certain customers to avoid potential consequences.

As a veteran finance journalist, the events surrounding Trump in 2021 were surprising and concerning, especially given the broad scale of big banks dropping him as a client for political reasons.

Despite the events of Jan. 6, where Trump called for peaceful protest, the decision to deplatform him raises questions about the fairness of such actions.

It is essential to consider the implications of such actions on free speech and the ability of individuals to engage in financial transactions without fear of political repercussions.

These developments highlight the need for transparency and accountability in the banking industry to prevent the politicization of financial services.

It is crucial to uphold principles of fairness and due process in all aspects of society, including the financial sector, to safeguard the rights and freedoms of all individuals.

Ensuring that decisions regarding financial services are based on legal considerations rather than political motives is essential to maintaining a democratic and just society.

It is imperative to address concerns about the politicization of banking and protect the rights of individuals to engage in financial transactions without fear of discrimination or censorship based on their political beliefs.

By promoting transparency and accountability in the financial industry, we can strive to uphold the principles of democracy and ensure that all individuals are treated fairly and equitably.

It is time to address the challenges posed by the politicization of banking and work towards creating a more just and inclusive financial system for all.