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Bank of America has been thrust into the legal and political limelight. The institution stands accused of "de-banking" individuals based on their political and religious affiliations—a practice that involves denying services or closing accounts. This issue was spotlighted by the case of John Eastman, a lawyer who advised former President Donald Trump, whose accounts were terminated by Bank of America and USAA amidst the fallout from his role in the 2020 election.
The allegations have prompted a coalition of Republican attorneys general, spearheaded by Kansas AG Kris Kobach, to issue a stern warning to the bank. They contend that Bank of America's actions imply a conditional provision of services based on alignment with the bank's preferred ideologies, posing a threat to the fundamental principles of free speech and religious liberty. The attorneys general have also voiced concerns over the bank's purported collaboration with federal law enforcement to profile conservative and religious Americans as potential threats.
John Eastman articulated his grievances, remarking on the inconvenience caused by the closures: "And then two months later, we get a similar letter from USAA saying that they've decided that they're going to close your account and they did like three weeks later," he said. "So it was a real pain to shift everything. We had to get a new bank account opened and shift everything over."
Echoing Eastman's sentiments, AG Kris Kobach criticized Bank of America's practices, stating, "Bank of America's practice of canceling the bank accounts of conservatives and even turning over information about customer's purchases to federal law enforcement undermines free speech, religious freedom, and the right to privacy," and asserted, "It's discriminatory and likely illegal. As state attorneys general, we will vigorously defend the constitutional rights of all Americans when they are threatened by big business."
Bank of America has categorically denied these allegations, maintaining that religious beliefs do not influence their decision-making process and reaffirming their dedication to serving diverse faith communities. Nevertheless, the controversy persists, with the attorneys general staunchly defending perceived constitutional rights against what they deem to be discriminatory corporate practices.
The unfolding legal and political saga surrounding Bank of America not only highlights the contentious nature of "de-banking" but also underscores the broader discourse on the intersection of finance, digital innovation, and civil liberties.
