Are Financial Institutions punishing consumers who don’t fall in line with their political beliefs? John Eastman speaks out after “De-banking”


Important Takeaways:

  • ‘Rather Despicable’: John Eastman Speaks Out After Bank Of America, USAA Shut Down His Accounts
  • John Eastman, once an attorney for former President Donald Trump, was de-banked twice in the span of several months by two prominent financial institutions, Bank of America and USAA, he told the Daily Caller. His accounts were closed as he faced substantial backlash for his work advising Trump around the time of the 2020 election.
  • Eastman said he had switched most of his banking from Bank of America to USAA, a company that provides financial services exclusively to military veterans as well as their families, due to the former’s “wokeness.” Both corporations are federally insured, and Bank of America was bailed out with billions of dollars in taxpayer funds during the global financial crisis.
  • Bank of America alerted Eastman in September of 2023 that it would be closing his accounts, a letter obtained by the Daily Caller shows. Shortly thereafter, USAA notified Eastman in November that his two bank accounts with the company would be closed, a separate letter shows.
  • When Eastman inquired about the closures, the banks said it was their policy to not provide any more information on the matter
  • “De-banking” is a phenomenon in which financial institutions refuse financial service to the targets of political activism, who often end up being conservatives.
  • Bledsoe spoke to the political nature of de-banking and how it can make Americans’ lives harder.
  • “I’m gravely concerned. It really is the kind of next step in [Environmental, Social and Governance]. So ESG across the board, it really is about like, re-directing capital away from the politically disfavored and to the politically favored at the moment, without going through the political process at all,”
  • “De-banking contradicts the very character of our nation, as elites wrongfully use their power to punish their political opponents. Here’s the bottom line: If financial institutions are punishing consumers who don’t fall in line with their political beliefs, that could constitute a violation of both state and federal law,” Missouri Attorney General Andrew Bailey told the Daily Caller.
  • Just days after the Jan. 6, 2021, Capitol riot, Eastman resigned as a law professor from Fowler School of Law at Chapman University after the school faced pressure to oust him, Forbes reported.
  • Then, at the end of that month, the University of Colorado’s Benson Center for Western Civilization banned Eastman from speaking at the institution despite being a visiting scholar, according to Forbes
  • Now, Eastman is being prosecuted by Fulton County, Georgia, District Attorney Fani Willis as part of her case against Trump. On March 27, a California judge ruled that Eastman should be disbarred due to his legal advice in the wake of the 2020 election. The case will now move to the state Supreme Court for a final decision.

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