SNL: Mocking Trump with Caution, Avoiding De-banking Humor

In a recent episode of Saturday Night Live, the writers took a jab at former President Donald Trump by mocking his use of the term “de-bank.” For many individuals who have had their financial accounts frozen or closed, de-banking is a serious issue. This problem became apparent when Trump promised not to allow banks and regulators to shut down people’s accounts during a campaign rally in New Hampshire.

While Colin Jost of Saturday Night Live made a witty remark about not understanding the term “de-bank,” this issue is no laughing matter for countless Americans. The New York Times even reported on several cases in which people had their bank accounts abruptly closed without any explanation in 2023. One affected customer expressed their frustration, feeling like a criminal and deserving of an explanation for the account closure.

Cryptocurrency users are also familiar with the problem of de-banking. Nic Carter of Castle Island Ventures referred to this as “Operation Choke Point 2.0” in early 2023. He highlighted how the U.S. government is using the banking sector to crack down on the crypto industry, with government officials pressuring banks to sever ties with cryptocurrency services and users.

Despite Saturday Night Live mocking Trump for using the term “de-bank,” it is not a widely recognized term. Financial surveillance, such as the controls under the Bank Secrecy Act in the United States, often goes unnoticed by the general public. This is partly due to the targeted nature of these controls, making them difficult to observe.

Howard Anglin, former deputy chief of staff for Canadian Prime Minister Stephen Harper, emphasized how the secretive nature of financial enforcement makes widespread repression hard to detect. For instance, when Prime Minister Justin Trudeau froze the bank accounts of Canadian protestors in 2022, the impact was felt privately by those affected.

U.S. law prohibits individuals from knowing when banks report their information to the federal government, keeping the process confidential. This lack of transparency prevents customers from understanding why their accounts were closed and whether they are suspected of any criminal activity. In fact, banks often file suspicious activity reports for reasons unrelated to criminal behavior, such as concerns about the source of funds or transactions below a certain amount.

There are also growing concerns about how the Financial Crimes Enforcement Network (FinCEN) urges private financial institutions to monitor customers’ transaction-level data using politically charged search terms. These practices raise questions about the privacy and civil liberties of individuals.

While there are legitimate reasons for banks to close accounts, such as inactivity or violations of terms and conditions, de-banking motivated by political pressures or compliance costs is problematic. This highlights the need for reform in financial privacy in the United States. Despite Trump’s tendency to coin terms, de-banking is not one of his made-up phrases. It is a real issue that deserves attention and reform.