President Donald Trump speaks to reporters in the South Court Auditorium in the Eisenhower Executive Office Building on Aug. 5, 2025, in Washington, D.C. / Credit: Win McNamee/Getty Images Washington, D.C. Newsroom, Aug 7, 2025 / 06:00 am (CNA). President Donald Trump signed an executive order that bans banks and financial institutions from “debanking” clients based on the person’s or the organization’s political or religious views after Christians and conservatives expressed concern about the controversial practice. Under the executive order signed on Aug. 7, banks and financial institutions can no longer deny services based on a concern about the bank’s “reputational risk” with a specific client. The order requires that those institutions make reasonable efforts to reinstate clients and potential clients who were victims of debanking.The order also instructs the secretary of treasury to develop a strategy to combat debanking, which may include regulatory or legislative solutions.For nearly a decade, Christian and conservative organizations that promote traditional values have reported difficulties in opening bank accounts and instances in which banks would refuse to work with them. Trump himself said he was also a victim of debanking. Speaking to CNA before the president signed the executive order, Jennifer Morse, a Catholic who leads the Ruth Institute, said she is “glad to see the Trump administration addressing the debanking issue.”The Ruth Institute, which combats the harms of the sexual revolution, states that it was targeted through debanking as early as 2017.Ruth Institute President Jennifer Roback Morse, pictured here speaking on "The World Over with Raymond Arroyo" on June 13, 2019. Credit: "The World Over with Raymond Arroyo/EWTN News screenshot“As one of the earliest victims of anti-Christian discrimination within the financial services sector, I am very relieved to see the Trump administration addressing this problem,” Morse said. “This particular sword of Damocles has been hanging over the heads of Christian organizations all over the geographic region formerly known as Christendom. I hope the Trump administration’s leadership on this issue has ripple effects around the world.”Sam Brownback, the former ambassador for international religious freedom who currently leads the National Committee for Religious Freedom, said his nonprofit was debanked by Chase for two years.Brownback told CNA that his organization opened an account in April 2022 and was unable to make a deposit in the account just four weeks later.“They said the account had been closed and they told us it had been [decided] at the corporate level and they told us it was a non-revocable decision and they couldn’t say anything about it,” he said.Brownback said he was later contacted by more than 10 organizations that reported similar experiences. Many organizations, he said, were “Christian or traditional values organizations” such as “groups that stand for traditional marriage.”“It seems to be a tactic of the left to try to suffocate — in the marketplace — groups that back viewpoints they don’t agree with,” he added.Sam Brownback, the former ambassador for international religious freedom who currently leads the National Committee for Religious Freedom. Credit: "The World Over with Raymond Arroyo"/ScreenshotBrownback said federal action is “a necessary way” to address the problem, calling the executive action “a fabulous step forward.”He also suggested there needs to be “a private route” as well with more conservatives joining large corporate boards.“If you just had one conservative in the boardroom challenging some of these practices, that might [have an effect],” Brownback said.Brian Knight, who serves as senior counsel for Alliance Defending Freedom (ADF) — a group that provides legal representation in defense of religious freedom — said in a statement to CNA that “everyone needs access to basic financial services.”ADF represented Indigenous Advance Ministries, a Christian nonprofit that reported it was debanked by Bank of America, allegedly for its religious beliefs. The account cancellation forced the ministry to delay paychecks to its partners in Uganda.“Shutting people out because of their political or religious beliefs? That’s not just wrong — it’s un-American,” he said. “No one should be locked out of the financial system for their views. Period. No American should have to worry that they could lose their bank account or have a payment declined because of their religious or political beliefs.”Knight noted ADF worked with Tennessee and Idaho to combat debanking in their states and “worked diligently with federally elected officials to secure similar protections nationwide.” He said he appreciates Trump “taking this issue so seriously.” Others who have allegedly faced debanking include parental rights group Moms for Liberty, Christian ministry Timothy Two Project International, Christian preacher Lance Wallnau, evangelist Nick Vujicic, and British Reform UK party leader Nigel Farage.The United States Conference of Catholic Bishops (USCCB) expressed concerns about the debanking trend in its Annual Report on the State of Religious Liberty earlier this year.Trump says he was a victim of debankingIn an Aug. 5 interview with CNBC, Trump discussed an instance in which JP Morgan Chase and Bank of America rejected deposits from the Trump organization and called out the trend.“[Banks] discriminated against many conservatives,” the president said, claiming that he had “hundreds of millions” of dollars in accounts with JP Morgan Chase and was told he had “20 days to get out.”“I said, ‘I can’t believe it,’” Trump added. “Well, I was never in this situation before. I’ve never had anything like it. And it’s not like, gee, you defaulted on a loan. You know, geez, I could understand that. That’s different. But there’s no default. I mean, there’s nothing but cash.”Trump said he then reached out to Bank of America, which had “zero interest” in having him deposit the cash.“I went to another one, another one, another one, another one,” he said. “I ended up going to small banks all over the place. I mean, I was putting $10 million here, $10 million there. Did $5 million, $10 million, $12 million. I have them all over the place, the craziest thing.”Trump suggested that regulators reviewing the operations of financial institutions that engage in this practice could be a potential solution.“The group they’re really afraid of is bank regulators,” the president said.This story was updated on Friday, Aug. 8, 2025, at 2:30 p.m. ET in the first four paragraphs with information on the signed executive order.