President Donald Trump accused two of the nation’s largest banks of rejecting his business, as his administration was preparing an executive order threatening financial institutions who refused to work with certain customers on ideological grounds.

Big banks said they agree with President Donald Trump that financial regulations need an overhaul, even as their stock prices dropped Tuesday after the president confirmed plans to issue an executive order to punish those that he said discriminate against conservatives.

President Donald Trump claimed Tuesday that two major banks discriminated against him for political reasons, a tactic he said other conservatives have faced in recent years

US President Donald Trump revealed that JPMorgan Chase and Bank of America have in the past refused him as a client, forcing him to use smaller banks.

The president accused the major banks of discriminating against him and his supporters ahead of a possible crackdown on refusing service on political grounds.

JPMorgan and Bank of America “debanked” President Trump for his role in the January 6 Capitol Hill melee following pressure from the Biden administration’s banking regulators and the Federal Reserve,