President Donald Trump is having his personal bank accounts closed in addition to being banned from every major social media platform and payment processor.
Deutsche Bank, which has been Mr. Trump’s primary lender for two decades, has decided not to do business with Mr. Trump or his company in the future, according to a person familiar with the bank’s thinking. Mr. Trump currently owes Deutsche Bank more than $300 million, which is due in the next few years.
The bank has concluded that, short of forgiving the debt, it has no way to extricate itself from the Trump relationship before the loans come due.
Another longtime financial partner of the Trumps, Signature Bank, also is cutting ties. The bank — which helped Mr. Trump finance his Florida golf course and where Ivanka Trump, the president’s daughter, was once a board member — issued a statement calling on Mr. Trump to resign as president “in the best interests of our nation and the American people.”
Susan Turkell, a spokeswoman for the bank, said Signature had decided that it “will not do business in the future with any members of Congress who voted to disregard the Electoral College.” Ms. Turkell said that in the wake of the riots the bank began closing Mr. Trump’s two personal accounts, which had about $5.3 million.
The GOP and Trump himself had three years to address these deplatforming efforts and did nothing about it.
In fact, he instead expanded censorship by signing an executive order to make Jews on college campuses a “protected class” and punish critics of Israel.
Last week, Trump signed an executive order banning the use of Chinese payment apps, which American dissidents banned from PayPal and Stripe (as Trump’s campaign has now been) may have found more hospitable.
In November 2020, the Trump administration finally got around to proposing a rule that would ensure banking access is determined only by creditworthiness and not political views.
“If the Trump administration finalizes the rule before President-elect Joe Biden takes office, [John Court, the head of regulatory affairs at the Bank Policy Institute, which represents the biggest banks in the country] says that would make it harder, but not impossible, for the new administration to undo it,” NPR reported Monday. “And he says if it comes to it, banks would likely sue to try to stop the rule.”
“The rule could also be scrapped by Congress through an oversight tool called the Congressional Review Act, especially since Democrats will now control both the House and the Senate.”