(NewsNation) — President Donald Trump signed an executive order Thursday on “debanking.”
The order is directs federal regulators to punish banks accused of illegally discriminating against conservatives and retroactively review whether bank accounts have been closed for political or religious reasons.
Financial institutions have also been directed to look at reinstating clients who have been dropped.
Conservatives have accused Wall Street of discriminating against right-leaning industries or religious organizations.
The order also targets policies like reputational risk, which includes evaluating the risk to a bank’s reputation if it does business with certain clients or industries.
Trump also signed an order that allows investors to invest 401K funds into alternative assets like cryptocurrency, private equity and real estate.