Hot on the heels of a new executive order “Guaranteeing Fair Banking for All Americans,” a new report alleges that the Biden administration’s efforts to debank President Donald Trump went much further than previously reported. According to the New York Post, then-President Joe Biden and his administration succeeded in 2021 in pressuring at least 12 financial institutions to either refuse to do business with Trump or close accounts that he already had with the banks. Two of the banks, JPMorganChase and Bank of America, have previously been publicly named by Trump.

The Biden administration used “reputational risk” to send regulators to pressure major banks, harassing, investigating, and even fining banks until they complied. The “reputational risk” rule was originally designed to be used against criminals, like mass fraudsters or notorious sex trafficker and self-styled financier Jeffrey Epstein, but the Biden administration cited the events of January 6, 2021, to turn “reputational risk” against Trump.

The report comes just days after Trump issued an executive order to address the issue of debanking. “Financial institutions have engaged in unacceptable practices to restrict law-abiding individuals’ and businesses’ access to financial services on the basis of political or religious beliefs or lawful business activities,” the president wrote in the order. He added, “Some financial institutions participated in Government-directed surveillance programs targeting persons participating in activities and causes commonly associated with conservatism and the political right following the events that occurred at or near the United States Capitol on January 6, 2021.”

“Bank regulators have used supervisory scrutiny and other influence over regulated banks to direct or otherwise encourage politicized or unlawful debanking activities,” the president wrote, noting former President Barack Obama’s “Operation Choke Point” as an example. He declared, “Such practices are incompatible with a free society and the principle that the provision of banking services should be based on material, measurable, and justifiable risks.”

To achieve that goal, Trump ordered bank regulators to adjust the terms and scope of their regulations, essentially dropping “reputational risk” and focusing instead on identifying criminal conduct. He gave bank regulators and financial institutions 120 days to rescind any policies discriminating against clients on the basis of political or religious views and track down those who were turned away for their political or religious views and ask them to come back and do business.