TechFlow News, March 5: Eric Trump, the second son of Donald Trump, posted on social media stating that major U.S. banks—including JPMorgan Chase, Bank of America, and Wells Fargo—are actively lobbying to prevent American consumers from earning higher deposit returns. These banks offer annual yields of only 0.01%–0.05% on standard savings accounts, while the Federal Reserve pays them interest rates exceeding 4%, creating record profits for the banks.
Eric Trump stated that the banking industry is targeting cryptocurrency and stablecoin platforms because these platforms plan to offer yields above 4%–5%. Lobbying groups such as the American Bankers Association are pushing legislation like the “Clarity Act,” ostensibly in the name of “fairness” and “stability,” but in reality to protect their low-interest-rate monopoly and prevent deposit outflows.
