Trump Blasts ‘Debanking’ Bias, Fires Puerto Rico Oversight Officials Amid Growing Economic Data Skepticism

President Trump fires Puerto Rico fiscal oversight members, blasts conservative “debanking” by U.S. banks, and raises questions about federal economic data credibility.

Trump Blasts ‘Debanking’ Bias, Fires Puerto Rico Oversight Officials Amid Growing Economic Data Skepticism

Washington, D.C. — President Donald J. Trump has taken sweeping action this week, accusing U.S. financial institutions of politically motivated “debanking” of conservatives, while simultaneously removing key members of Puerto Rico’s financial oversight board. The President’s remarks and decisions are reigniting national debates over banking discrimination, economic data integrity, and fiscal oversight.

Debanking Allegations: "Weaponizing the Banks"

In a press briefing on Monday, President Trump alleged that major U.S. banks are “deliberately targeting conservatives,” citing multiple reports of individuals and organizations having their accounts shut down or frozen due to their political or religious affiliations.

“They’re not just deplatforming online anymore—they’re debanking,” Trump said. “This is a direct attack on the freedom to speak, organize, and operate in America.”

Several conservative advocacy groups, including the American Principles Project, have reported account closures, with no official explanation given by banks. Financial watchdogs are now urging Congress to investigate the practice and establish clearer regulatory protections for customers whose accounts may be closed due to ideology.

Oversight Shake-Up in Puerto Rico

In a move that shocked the territory’s leadership, President Trump has dismissed three members of the Puerto Rico Financial Oversight and Management Board, citing inefficiency, delayed recovery measures, and political bias.

The oversight board, created in 2016 under the PROMESA Act, was designed to guide Puerto Rico through a historic $70 billion debt restructuring process. Trump, however, claims the board “has failed the people of Puerto Rico,” and accused it of serving political interests instead of economic recovery.

“They’ve been in charge for nearly a decade, and yet corruption and mismanagement continue,” Trump said. “We’re bringing in fresh leadership with real accountability.”

Puerto Rico’s Governor and Democratic lawmakers in Congress are pushing back, accusing the administration of overreach and politicizing a legally independent board.

Rising Criticism of U.S. Economic Data Accuracy

President Trump also raised doubts about the credibility of key U.S. economic indicators, particularly unemployment and inflation statistics.

“The American people deserve real numbers, not fantasy figures crafted by bureaucrats,” Trump told reporters. “We're taking a hard look at how this data is collected, verified, and reported.”

This follows growing criticism from conservative economists who claim federal agencies have downplayed inflation and overstated job growth in recent quarters. Trump hinted that an independent commission may soon be formed to audit the Bureau of Labor Statistics and Commerce Department data systems.

What’s at Stake?

The combination of debanking allegations, oversight shakeups, and concerns over economic transparency points to a broader political push to restore public trust in U.S. financial and governmental institutions.

Supporters of the President view these moves as long overdue efforts to correct entrenched institutional bias. Critics, however, warn that such aggressive actions may undermine the independence of federal agencies and damage international confidence in American fiscal governance.

For now, the administration appears to be doubling down.

“This isn’t just about Puerto Rico. This is about restoring fairness—at the banks, in our economy, and across our institutions,” Trump concluded.