President Donald Trump signed an executive order Aug. 7 aimed at ending political and religious discrimination in the banking industry.

The order directs federal banking regulators to eliminate policies that allow financial institutions to deny services based on so-called “reputational risk” and other concepts “that enable politicized or unlawful debanking,” according to an Aug. 7 White House statement. 

It also requires banks to review past decisions and reinstate customers who were wrongfully denied service. Cases involving religious discrimination must be referred to the Attorney General. 

In the statement, Trump said banks “discriminate against conservatives” and “religion because they’re afraid of the radical left.” 

“Nobody knows the banking industry better than me, and I’m not going to let them take advantage of you any longer,” he added. “They’ve taken advantage and what they do to the people in this room, and by the way, millions and millions of others, is a disgrace. We’re going to end it.”

The order also directs the Treasury Department to develop a broader strategy to end politicized debanking, possibly through future legislation.

According to the White House, federal regulators have encouraged banks to flag peer-to-peer transactions involving political keywords such as “Trump” or “MAGA” and to scrutinize purchases from companies like Bass Pro Shops. 

In an Aug. 6 interview with CNBC, Trump accused JPMorgan Chase and Bank of America of rejecting more than $1 billion in deposits from him and his companies for political reasons. 

“The banks discriminated against me very badly,” Trump said, “and I was very good to the banks.”