00:00Jamie Dimon should actually welcome this five billion dollar fight with Donald Trump because it gives
00:05JP Morgan the chance to finally kill off a ridiculous conspiracy the idea that politics
00:10motivates bank account closures this process is called debanking and it happens when banks
00:15want to avoid getting caught with criminals money launderers or terrorists using its
00:20services Trump's lawsuit alleges that when JP Morgan closed some of his accounts just weeks after
00:25January the 6th 2021 it was for political reasons JP Morgan however says the suit
00:30has no merits and that it only closes accounts when they create legal or regulated
00:35risks so yes banks do force clients out and some people struggle
00:40to get any kind of access to financial services but it's government policy that drives this not
00:45liberal cancel culture last year one of the main US financial regulators was sent on a witch hunt
00:50to find banks illegally denying services to people for political reasons and they turn
00:55up not very much in fact exclusion from banking for purely political or religious
01:00reasons appears to be almost non-existent according to research from the Cato Institute still
01:05some are determined to push the theory of ideological debanking one of Trump's biggest back
01:10bankers in this debate has been the crypto bros who were kept at arm's length by lenders under the Biden administration
01:15administration but that's not remotely surprising crypto has a long history of being involved in
01:20fraud drug trafficking and even terror finance no bank should go near it without
01:25explicit regulatory approval which the crypto industry is now getting under Trump the simple
01:30truth is that banking is one of the most heavily regulated industries in the world and for good reason
01:35CEOs like Jamie Dimon are just one of many voices in these debates but it is Washington
01:40Washington that really decides
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