The White House is preparing an executive order to impose penalties on banks allegedly discriminating against conservatives and cryptocurrency firms, according to a report on Monday.
Order Targets ‘Discriminatory’ Policies
The executive order could impose fines on financial institutions that sever ties with customers for political reasons, The Wall Street Journal reported. The draft order directs regulators to investigate whether any banks have violated the Equal Credit Opportunity Act, antitrust laws or consumer financial protection laws.
The order might be signed as early as this week, the report said, citing people familiar with the matter, but there could be delays or alterations to the administration’s plans.
The White House didn’t immediately return Benzinga’s request for comment.
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