In early August, Donald Trump enacted the “GUARANTEEING FAIR BANKING FOR ALL AMERICANS” executive order. Debanking refers to when financial entities suddenly refuse to engage with specific groups, particularly conservative organizations, closing their accounts without any forewarning.

This practice is troubling as it acts as a form of censorship, going against American values—and it was reportedly wielded aggressively by the Obama and Biden administrations, according to outspoken banking officials.

Fox News Digital spoke with two executives at leading U.S. banks, who asked to remain anonymous, fearing reprisals. 

The banking executives revealed that federal laws’ vagueness was used by regulators during the Obama and Biden eras to push political agendas. As per one executive, banks were compelled to withhold services from certain sectors under Operations Choke Point and Choke Point 2.0.

Can you think of a more sinister-sounding campaign than “Operation Choke Point?”

“When laws aren’t clear, interpretation becomes subjective, and for years, the Obama and Biden administrations held the vantage point,” remarked one official. 

Today, @POTUS put into effect an Executive Order to make sure that Federal regulators do not endorse policies and practices that empower financial institutions to refuse or limit services based on political or religious beliefs, or legitimate business actions, thus guaranteeing equal banking access… pic.twitter.com/Xkk9F4uHPo

— The White House (@WhiteHouse) August 7, 2025

The president’s full tweet reads:

Today, @POTUS enacted an Executive Order to guarantee that Federal regulators do not back policies and practices permitting financial entities to refuse or limit services due to political views, religious faiths, or lawful business activities, thereby assuring all Americans have fair banking access.

The president’s second son Eric should know all about it; he says Capital One shut down over 300 Trump Organization business accounts in 2021.