Are Conservatives Being 'Debanked'?

The Journal podcast discusses the phenomenon of "debanking," where banks close customer accounts, and its recent politicization. It begins with the story of Steve Happ, whose Bank of America accounts were closed, leading him to believe it was due to his Christian faith. This incident gained traction in conservative circles, alleging discrimination by banks against conservatives and Christians. While banks maintain they don't discriminate based on political or religious beliefs and that account closures are due to risk management, the lack of transparency in these decisions has fueled suspicion. The podcast traces the issue back to the 2008 financial crisis, when banks sought to improve their image by taking stances on social issues, seen by some as "woke capitalism." The discussion includes the case of Donald Trump, whose accounts were closed due to investigations into his organization. The podcast highlights how Steve Happ's story was amplified by the Alliance Defending Freedom, leading to political action, including an executive order from President Trump. Bank of America later stated the closure was due to Happ's involvement in a debt collection business in Uganda, a claim Happ denies. The podcast concludes that the perception of discrimination, rather than the truth, has driven the "debanking" narrative.