JPMorgan Chase has been successfully pressured to stop anti-conservative discrimination, amending its Code of Conduct to protect customers from being targeted for their religious and political beliefs.
At a glance:
• JPMorgan Chase amended its Code of Conduct to prevent discrimination based on religious and political views
• The policy protects customers, suppliers, contractors, and employees from viewpoint-based debanking
• Chase faced criticism for past cancellations of accounts linked to conservative and religious organizations
• Former U.S. Senator Sam Brownback claimed his nonprofit’s account was canceled due to political discrimination
• Alliance Defending Freedom called the change a “major victory for free speech and religious freedom”
Major Bank Reverses Course on Political and Religious Discrimination
JPMorgan Chase has made a significant policy change to prevent discrimination based on religious and political views, marking what many conservatives see as a major win against debanking practices. The updated Code of Conduct specifically prohibits discrimination based on religion, religious affiliation, religious views, political opinions, speech, or affiliations.
The amendment comes after years of complaints from conservative groups and religious organizations who claimed their accounts were canceled without proper explanation. Chase has faced scrutiny from State Attorneys General and financial officers who demanded transparency regarding these account cancellations. The first wave of debanking for conservative commentators began in 2017 and has become more prominent ever since.
Jeremy Tedesco, ADF Senior Counsel and Senior Vice President for Corporate Engagement, praised the development, noting, “This is a major victory for free speech and religious freedom in the marketplace. Chase’s good-faith negotiations and willingness to listen to its shareholders should encourage us all.”
The policy change directly addresses controversial practices that caught the attention of prominent conservatives, including President Donald Trump. During the Davos World Economic Forum, Trump specifically criticized JPMorgan for alleged political discrimination against conservatives.
Which is why they’re finally taking action.
My Bid to Make JPMorgan Less Woke "As a shareholder of @JPMorgan Chase, I proposed a resolution on Jan. 13 calling for an evaluation of the company’s discrimination policies, including those related to religious and political views. My proposal is a response to media reports that…
— Tom Fitton (@TomFitton) April 17, 2023
Chase Cancellations Sparked Conservative Backlash
In 2022, Chase attracted attention to its anti-conservative practices after it canceled the account of the National Committee for Religious Freedom, a nonprofit led by former U.S. Senator Sam Brownback. The bank allegedly denied services to multiple conservative groups, sparking outrage among right-leaning organizations and politicians.
Brownback described the recent policy change as a “big win” while emphasizing that there’s still work to be done to prevent future discrimination. His nonprofit’s experience became a rallying point for conservatives concerned about corporate America’s treatment of traditional values.
Chase has consistently denied allegations of political or religious discrimination. A JPMorgan spokesperson stated: “We have never and would never close an account for political or religious reasons, period. JPMorgan Chase serves individuals and industries in all 50 states across all political viewpoints.”
But, conservatives who were debanked without explanation know what happened to them.
Setting New Standards for Financial Industry
The policy change is expected to set a new standard for the financial industry, potentially leading to less politicization in business practices. Following Chase’s amendment, Alliance Defending Freedom withdrew a shareholder proposal that had called for a report on religious discrimination risks.
A JPMorgan Chase spokesperson explained the decision, stating, “We regularly engage with our shareholders to address their feedback and educate them on our policies. We are glad we were able to come to an agreement. The amendment to language in our Code of Conduct is consistent with prior public statements.”
Financial institutions have increasingly faced pressure from both conservative and liberal groups about their handling of politically sensitive accounts. The phenomenon known as “debanking” has become a significant concern for many Americans who worry their financial access could be restricted based on their beliefs.
We’re making America sane again!
