{{Short description|American portfolio manager and economist}} {{Use mdy dates|date=April 2023}} {{Infobox person | name = David Lyle Bahnsen | image = David L. Bahnsen.jpg | birth_date = 1974<ref name="obit" /> | birth_place = Torrance, California, U.S. | occupation = Portfolio manager | title = Chief Investment Officer of The Bahnsen Group (since 2015) | education = {{plainlist| * Newport Christian High School}} | boards = {{plainlist| * National Review Institute * The King's College * Pacifica Christian High School }} | father = Greg Bahnsen | website = {{Official URL}} }} '''David Bahnsen''' ({{IPAc-en|ˈ|b|ɑː|n|s|ən}}; born 1974) is an American portfolio manager, economist, author, and television commentator. He is the founder and Chief Investment Officer of The Bahnsen Group and a senior fellow at the National Review Institute. He is a contributor to ''Forbes'', ''National Review,'' and ''Commentary.''
Bahnsen has conservative political and classic liberalist economic views. He is a Christian and his father was Greg Bahnsen, a Christian apologist. He advocates that work has inherent dignity and purpose, a view he grounds in his Christian understanding of vocation, beyond economic utility. He supports free market policies, including lower corporate tax rates and reduced regulation. He is critical of the tariffs in the second Trump administration.
Before Bahnsen entered the finance industry, in the 1990s, he managed artists in the Christian music industry, including signing the Christian ska band The O.C. Supertones to Tooth & Nail Records, a successful Seattle-based record label responsible for launching MxPx and Underoath. After training as a financial advisor, he worked at Morgan Stanley for eight years, becoming a top 1200 advisor in the United States in 2014 before leaving to start his own firm. In 2025, he was ranked the top financial advisor in California by ''Forbes'' and a top 100 advisor in the United States by ''Barron's''.
In 2023, he accused JPMorgan Chase of discriminatory debanking based on religious or conservative political views. He engaged in a multi-year campaign of shareholder activism with Jerry Bowyer and Alliance Defending Freedom (ADF), with whom he has an advisory role. Bahnsen was criticized by the Southern Poverty Law Center for failing to disclose his role with ADF in shareholder proposals. Chase denied engaging in any discriminatory bank closures, blaming instead federal regulations. More than 30 Republican state officials wrote letters to Chase's leadership with similar accusations, ultimately resulting in the bank explicitly adding religion and political views to their anti-discrimination policies in 2025. In August, President Donald Trump signed an executive order instructing regulators to investigate Chase and other banks over their debanking policies.
== Early life and education ==
Bahnsen was born in Torrance, California,<ref name="obit">{{Cite web|title=In Memory of, Dr. Greg L. Bahnsen. Twenty Years Ago Today.|url=https://www.bahnsen.com/blog/index.php/2015/12/11/in-memory-of-dr-greg-l-bahnsen-twenty-years-ago-today-qMvVS|website=Bahnsen|access-date=2025-11-28|language=en-US|date=December 11, 2015|last=Bahnsen|first=David}}</ref> and is the son of Greg Bahnsen, an American theologian and Calvinist philosopher. He attended Newport Christian High School (NCHS) where his father was a teacher.<ref name=":1">{{Cite web |last=Fry |first=Hannah |last2=Foxhall |first2=Emily |date=2014-02-20 |title=New religious school could answer city's prayers |url=https://www.latimes.com/socal/daily-pilot/news/tn-dpt-me-0220-pacifica-christian-newport-beach-20140219-story.html |access-date=2025-11-26 |website=Los Angeles Times |language=en-US}}</ref>
He was interested in politics and the economy from a young age. He received a subscription to the ''National Review'' for his birthday while he was in elementary school and idolized Alex P. Keaton, a conservative, religious television character who wanted to work on Wall Street.<ref name=":12">{{Cite web|title=Our Story|url=https://thebahnsengroup.com/our-story/|website=The Bahnsen Group - Private Wealth Management|date=2019-10-04|access-date=2025-11-28|language=en-US}}</ref>
After a stint in the music industry, in the summer of 2001,<ref name=":12" /> Bahnsen entered the financial adviser training program at Paine Webber.<ref>{{Cite news|title=An Expert Perspective on Investment Advisory Growth|url=https://www.oakstreetfunding.com/blog/investment-advisory-growth|website=oakstreetfunding.com|access-date=2025-11-28|archive-url=http://web.archive.org/web/20250715233842/https://www.oakstreetfunding.com/blog/investment-advisory-growth|archive-date=2025-07-15|language=en}}</ref>
== Career and philanthropy ==
In the 1990s, Bahnsen ran a music artist management business, during which time he was the band manager for The O.C. Supertones, a Christian band that played ska. He helped the band achieve commercial success by modeling the secular music industry and seeking crossover potential with the market. As their manager, he secured a record deal with the Seattle label Tooth & Nail Records,<ref name=":3">{{Cite web|title=Playing a Faith Card : O.C. ska-rock band the Supertones is putting up enviable numbers on the U.S. Christian circuit.|url=https://www.latimes.com/archives/la-xpm-1997-dec-29-ca-3096-story.html|website=Los Angeles Times|date=1997-12-29|access-date=2025-11-28|language=en-US|first=Mike|last=Boehm}}</ref> alongside bands such as MxPx, Underoath, and Thousand Foot Krutch.<ref>{{Cite web|title=The World and Everything in It: June 6, 2025|url=https://wng.org/podcasts/the-world-and-everything-in-it-june-6-2025-1749145192|website=WORLD|access-date=2025-11-28|archive-url=http://web.archive.org/web/20250612154221/https://wng.org/podcasts/the-world-and-everything-in-it-june-6-2025-1749145192|archive-date=2025-06-12|language=en-US}}</ref> At the time, it was the only Christian ska band with a recording contract.<ref name=":3" /> In 1998, he was appointed record label manager of KMG Records and signed The Straw Theory as one of its flagship artists.<ref name=":5">{{Cite news|title=Trade Talk|date=April 1998|pages=11|work=National Religious Broadcasters}}</ref><ref name=":6">{{Cite web|title=The Straw Theory biography|url=https://www.last.fm/music/The+Straw+Theory/+wiki|website=Last.fm|access-date=2025-11-28|language=en}}</ref> Bahnsen sold his artist management business when he was 27 and left the industry to work in finance.<ref name=":12" />
While training as a financial advisor,<ref name=":12" /> Bahnsen worked at UBS Financial Services for five years.<ref name=":14">{{Cite web|title=HighTower Advisor to Trump: Pardon Michael Milken|url=https://www.advisorhub.com/hightower-advisor-trump-pardon-michael-milken/|website=AdvisorHub|date=2017-08-30|access-date=2025-11-28|language=en-US|first=Mason|last=Braswell}}</ref> He then joined Morgan Stanley in 2007,<ref name=":13">{{Cite web|title=HighTower lands $750 million Morgan Stanley team|url=https://www.investmentnews.com/ria-news/hightower-lands-750-million-morgan-stanley-team/61753|website=investmentnews.com|access-date=2025-11-28|language=en|date=May 26, 2015|last=Braswell|first=Mason}}</ref> where he was a managing director<ref name=":15">{{Cite news|title=Wealth Manager Urges Trump to Pardon Junk King Michael Milken|url=https://www.bloomberg.com/news/articles/2017-08-30/wealth-manager-urges-trump-to-pardon-junk-king-michael-milken|work=Bloomberg.com|access-date=2025-11-28|archive-url=http://web.archive.org/web/20200825035736/https://www.bloomberg.com/news/articles/2017-08-30/wealth-manager-urges-trump-to-pardon-junk-king-michael-milken|archive-date=2020-08-25|language=en}}</ref> and wealth management executive for eight years.<ref>{{Cite web|title=WATCH: Economics and The Free & Virtuous Society with David Bahnsen|url=https://www.pacificaoc.org/blog?id=29845/watch-economics-and-the-free-virtuous-society-with-david-bahnsen|website=pacificaoc.org|access-date=2025-11-28|language=en|date=March 26, 2024}}</ref> While at Morgan Stanley, Bahnsen founded Pacifica Christian High School in 2010 to fill the "geographical disparity" in faith-based high schools in the area after NCHS, his alma mater, closed in 1988.<ref name=":1" /><ref>{{Cite web |last=Chan|first=Alex|date=2015-08-26|title=A day of firsts for new religious high school in Newport Beach|url=https://www.latimes.com/socal/daily-pilot/news/tn-dpt-me-0826-pacifica-school-20150825-story.html|access-date=2025-11-25|website=Los Angeles Times|language=en-US}}</ref> He has been on the school's board since 2013.<ref>{{Cite web|url=http://www.pacificaoc.org/team/david-l-bahnsen/|title=David L. Bahnsen - Chair, Development Committee|publisher=Pacifica Christian Orange County|language=en-US|access-date=April 21, 2018}}</ref>
By 2015, Bahnsen was managing a portfolio with approximately {{Currency|750000000}} in assets.<ref name=":13" /> He then founded '''The Bahnsen Group''' in Newport Beach,<ref name=":12" /> left Morgan Stanley because he said it had become "gigantic," and joined Hightower Advisors.<ref name=":13" /> In 2021, his firm was managing a {{Currency|2100000000}} portfolio.<ref name="forbes">{{Cite news|title=Top Advisors On Madoff: Good Riddance To The Black Eye He Gave Financial Services|url=https://www.forbes.com/sites/jasonbisnoff/2021/04/14/top-advisors-on-madoff-good-riddance-to-the-black-eye-he-gave-financial-services/|work=Forbes|access-date=2025-11-28|language=en|first=Jason|last=Bisnoff|date=April 14, 2021}}</ref> By 2023, the portfolio had doubled.<ref name="Ramonas">{{cite news |last1=Ramonas|first1=Andrew|title=JPMorgan Must Put Conservative ESG Plan Up for Vote, SEC Says|url=https://news.bloomberglaw.com/esg/jpmorgan-must-put-conservative-esg-plan-up-for-vote-sec-says|access-date=14 May 2023|work=Bloomberg Law|date=22 March 2023}}</ref><ref name="Giatti">{{cite news |last1=Giatti|first1=Ian M.|title=Ahead of key shareholders meeting, JPMorgan Chase denies closing accounts over religious, political views|url=https://www.christianpost.com/news/jpmorgan-chase-denies-closing-accounts-over-religious-views.html|access-date=14 May 2023|work=The Christian Post|date=12 May 2023}}</ref> In June 2024, the firm opened its 8th office in West Palm Beach, Florida.<ref>{{Cite news|title=The Bahnsen Group Opens West Palm Beach, Florida Office|url=https://www.businesswire.com/news/home/20240604949726/en/The-Bahnsen-Group-Opens-West-Palm-Beach-Florida-Office|website=businesswire.com|access-date=2025-11-28|archive-url=http://web.archive.org/web/20250619095913/https://www.businesswire.com/news/home/20240604949726/en/The-Bahnsen-Group-Opens-West-Palm-Beach-Florida-Office|archive-date=2025-06-19|language=en}}</ref> {{As of|2025|June}}, the firm manages {{Currency|7600000000}} in assets among a team of 86 advisors.<ref>{{Cite web|title=David Bahnsen - Advisor Directory|url=https://www.barrons.com/directory/david-bahnsen|website=barrons.com|access-date=2025-11-29|language=en-US}}</ref>
Bahnsen joined the board of the National Review Institute in 2016,<ref>{{Cite web|title=David L. Bahnsen - The Bahnsen Group|via=LinkedIn|url=https://www.linkedin.com/in/davidbahnsen/|access-date=2025-11-28|archive-url=http://web.archive.org/web/20240326023258/https://www.linkedin.com/in/davidbahnsen/|archive-date=2024-03-26|language=en}}</ref> where he hosts the podcast Capital Record and he is a senior fellow {{As of|2025|November|lc=y}}.<ref>{{Cite web|title=National Review Capital Matters Capital Record|url=https://www.nationalreview.com/podcasts/capital-record/|website=National Review|access-date=2025-11-28|language=en-US}}</ref> He was appointed to the board of trustees at The King's College in New York City in October 2017.<ref name=":0">{{Cite web|title=David Bahnsen Joins King's Board of Trustees|url=https://www.tkc.edu/stories/david-bahnsen-joins-kings-board-trustees/|website=The King's College|date=2017-10-30|access-date=2025-11-28|language=en-US}}</ref> Bahnsen is also a faculty member of the Acton Institute, the senior fellow of economics at the Center for Cultural Leadership, and faculty at the Blackstone Fellowship of the Alliance Defending Freedom.<ref>{{Cite web|title=David Bahnsen|url=https://business.catholic.edu/about-us/board-of-visitors/bahnsen-david/index.html|website=The Catholic University of America|access-date=2025-11-28|language=en}}</ref>
== Views and commentary == Bahnsen writes on the intersection of markets and politics. He is a contributor for ''Forbes,''<ref name=":2">{{Cite web|url=https://www.forbes.com/sites/davidbahnsen1/|title=David Bahnsen|last=Bahnsen|first=David|website=Forbes|language=en|access-date=April 21, 2018}}</ref> the ''National Review,''<ref>{{Cite web|url=https://www.nationalreview.com/author/david-l-bahnsen/|title=David L. Bahnsen|website=National Review|language=en-US|access-date=April 21, 2018}}</ref> and ''Commentary''.<ref>{{Cite web|title=David L. Bahnsen|work=Commentary|url=https://www.commentary.org/author/david-bahnsen/|access-date=2025-11-28|language=en-US|first=David L.|last=Bahnsen}}</ref> He is also the co-host of ''National Review''<nowiki/>'s Radio Free California podcast<ref>{{Cite web|url=https://www.nationalreview.com/podcasts/national-reviews-radio-free-california-podcast/|title=Radio Free California Podcast|website=National Review|language=en-US|access-date=April 21, 2018}}</ref> and the host of the podcast Capital Record.<ref>{{Cite web|title=National Review Capital Matters Capital Record|url=https://www.nationalreview.com/podcasts/capital-record/|website=National Review|access-date=2025-11-29|language=en-US}}</ref>
In August 2017, Bahnsen sent a letter to President Donald Trump asking him to pardon Michael Milken.<ref name=":15" /> He argued that Milken's prosecution was driven by prosecutorial overreach and public misunderstanding, asserting that Milken neither committed insider trading nor harmed capital markets. Instead, Bahnsen said Milken be celebrated for developing the high-yield debt market, which he described as innovation that enabled business growth by increasing access to capital. He maintained that Milken's innovations in high-yield finance were economically beneficial and that a presidential pardon would correct a historical injustice.<ref>{{Citation|title=David Bahnsen Says Pardoning Milken Is Right Thing to Do|url=https://www.bloomberg.com/news/videos/2017-08-30/bahnsen-says-pardoning-milken-is-right-thing-to-do-video|website=bloomberg.com|language=en|accessdate=April 21, 2018}}</ref> Bahnsen himself did not recommend the use of high-yield bonds.<ref name=":14" />
Bahnsen advocates for a classic liberal understanding of economics and society grounded in freedom based principles and what he calls "transcendent truths." He admires Milton Friedman and Ronald Reagan and seeks to preserve their intellectual legacy.<ref name=":0" /> He argued that Brexit in 2019 was good for the global economy, and thus good for the United Kingdom (UK) in an interview on CNBC.<ref name=":7">{{Cite web|title=Here's why this CIO thinks Brexit is good for investors|url=https://www.cnbc.com/video/2019/01/17/heres-why-this-cio-thinks-brexit-is-good-for-investors.html|publisher=CNBC|date=2019-01-17|access-date=2025-11-28|language=en}}</ref> Bahnsen argued that the UK's departure from the European Union (EU) could create economic opportunities rather than solely financial risk. He contended that market volatility surrounding the vote obscured the potential for renewed competitiveness and investment outside EU regulatory structures. Bahnsen framed Brexit as a disruptive event that might yield long-term prosperity if accompanied by sound economic policy.<ref name=":7" /><ref>{{Cite news|title=One Man's Brexit Is Another Man's Prosperity|url=https://www.forbes.com/sites/davidbahnsen1/2016/06/02/one-mans-brexit-is-another-mans-prosperity/|work=Forbes|access-date=2025-11-28|language=en|first=David|last=Bahnsen}}</ref>
He argued in a 2024 podcast for the ''National Review'' that contemporary culture holds distorted attitudes toward work. He advocates for a renewed understanding of labor as a meaningful vocation rather than solely a means of income. He maintains that work possesses intrinsic dignity and value in both sacred and secular contexts.<ref>{{Cite web|title=David Bahnsen Labors to Correct Unhealthy Views of Work|url=https://www.nationalreview.com/2024/02/david-bahnsen-labors-to-correct-unhealthy-views-of-work/|website=National Review|date=2024-02-27|access-date=2025-11-28|language=en-US|last=Pico|first=Dominic}}</ref>
=== Taxes and tariffs === During the First presidency of Donald Trump, Bahnsen characterized his proposed tax reforms, including consolidating income tax brackets and sharply reducing the corporate tax rate, as highly positive in principle, for the potential economic growth. However, he argued that the sweeping nature of the reforms made it unlikely they would survive intact, predicting that Congress would significantly scale back the measures during the legislative process.<ref>{{Cite web|title=Trump's Plan to Overthrow the Tax System: What You Need to Know|url=https://www.foxbusiness.com/markets/trumps-plan-to-overthrow-the-tax-system-what-you-need-to-know|website=FOXBusiness|date=2017-01-04|access-date=2025-11-28|language=en-US|first=Brittany De|last=Lea}}</ref> As his presidency progressed, Bahnsen expressed concern that the tax reform effort was being undermined by political mismanagement. In November 2017, Bahnsen hosted a round table on the Tax Cuts and Jobs Act and said that discussions with Ivanka Trump and Steven Mnuchin<ref>{{Cite web|title=Ivanka Trump and Treasury Secretary Mnuchin talk tax reform in Newport Beach|url=https://www.latimes.com/socal/daily-pilot/news/tn-dpt-me-mnuchin-trump-20171106-story.html|website=Daily Pilot|date=2017-11-07|access-date=2025-11-29|language=en-US|first=Hillary|last=Davis}}</ref> illustrated a lack of clarity and seriousness within the administration about the policy's economic objectives. He argued that lower corporate rates and simplified taxation would promote investment and economic growth, but that the administration had a lack of policy focus.<ref>{{Cite web|title=My Meeting with Mnuchin and Ivanka Tells Me Tax Reform Is in Trouble|url=https://www.nationalreview.com/2017/11/tax-reform-trouble-my-meeting-mnuchin-and-ivanka-illustrates-why/|website=National Review|date=2017-11-06|access-date=2025-11-29|language=en-US|last=Bahnsen|first=David L.}}</ref> He argues that lowering corporate tax rates expands investment, productivity, and wage growth by increasing free cash flow and improving capital allocation across the entire economy,<ref>{{Cite news|title=Here's Why Corporate Tax Reform Is For Everyone|url=https://www.forbes.com/sites/davidbahnsen1/2017/12/20/heres-why-corporate-tax-reform-is-for-everyone/|work=Forbes|access-date=2025-11-29|language=en|first=David|last=Bahnsen}}</ref> while taxing accumulated wealth or capital undermines investment and economic growth by penalizing the resources that drive innovation and long-term prosperity.<ref>{{Cite web|title=The Wealth-Tax Horror|url=https://www.commentary.org/articles/david-bahnsen/the-wealth-tax-horror/|website=Commentary Magazine|date=2020-01-17|access-date=2025-11-29|language=en-US|first=David L.|last=Bahnsen}}</ref>
Bahnsen has expressed support for free trade policies and has been critical of broad protectionist tariffs, arguing that they function as indirect taxes on consumers and introduce unnecessary uncertainty into financial markets. He maintains that tariffs are ineffective tools for restoring domestic manufacturing competitiveness and contends that market-driven exchange, rather than government intervention, is the most effective foundation for economic growth.<ref>{{Cite web|url=https://wng.org/podcasts/moneybeat-tariffs-through-different-lenses-1729365247|title=Moneybeat: Tariffs through different lenses|date=October 21, 2024|website=WNG|last=Eicher|first=Nick}}</ref> On the podcast The Bulletin for ''Christianity Today'', he argued that adding tariffs as a penance for slavery and child labor was fallacious and does nothing to address the immorality of the practice and stop it. He said that the tariffs in the second Trump administration purposefully misled consumers to believe that they would result in products like Nike shoes being made in America.<ref>{{Cite web|title=Tariffs with David Bahnsen|url=https://www.christianitytoday.com/podcasts/the-bulletin/164-tariffs-with-david-bahnsen/|website=Christianity Today|access-date=2025-11-28|language=en-US|first=Mike|last=Cosper|first2=Clarissa|last2=Moll|date=April 15, 2025}}</ref>
=== Debanking and JPMorgan Chase shareholder activism === {{See also|List of executive orders in the second Trump presidency}} In 2023, Bahnsen engaged in shareholder activism. He introduced a shareholder resolution to JPMorgan Chase calling for the bank to evaluate whether its policies and practices posed risks of discrimination against clients or employees on the basis of religion or political viewpoint. He criticized diversity, equity, and inclusion (DEI) and environmental, social, and governance (ESG) policies as enabling discrimination. He argued that major financial institutions had insufficient safeguards against viewpoint based debanking. He asserted that several high-profile account closures reflected a broader problem of ideological bias in the financial sector.<ref>{{cite news |last1=Bahnsen|first1=David M.|title=My Bid to Make JPMorgan Less Woke|url=https://www.wsj.com/articles/my-bid-to-make-jpmorgan-less-woke-progressive-discrimination-conservatives-christians-shareholders-sec-banking-finances-583c7999|access-date=14 May 2023|work=The Wall Street Journal|date=16 April 2023}}</ref> After Chase sought to exclude his proposal, the Securities and Exchange Commission required the bank to allow it to proceed to a shareholder vote,<ref name="Ramonas" /> a development Bahnsen described as a significant victory for transparency and accountability.<ref>{{cite news |last1=Bowyer|first1=Jerry|author1-link=Jerry Bowyer|title=Finally, some accountability for JPMorgan Chase|url=https://wng.org/opinions/finally-some-accountability-for-jpmorgan-chase-1681298759|access-date=14 May 2023|work=World|date=12 April 2023}}</ref> Chase urged shareholders to vote against the proposal.<ref>{{Cite web|title=JPMorgan Chase urges 'no' vote on shareholder proposal to evaluate alleged religious discrimination at bank|url=https://www.foxbusiness.com/politics/jpmorgan-chase-urges-no-vote-shareholder-proposal-evaluate-alleged-religious-discrimination-bank|website=FOXBusiness|date=2023-05-14|access-date=2025-11-29|language=en-US|first=Jon|last=Brown}}</ref> 14 state treasurers and 19 state attorney generals from Republican-majority states wrote letters to Chase's leadership accusing the bank of closing accounts and discriminating against customers on the basis of political and religious beliefs, citing the closure of the National Committee for Religious Freedom who was screened with a religious and political questionnaire before reinstatement.<ref>{{Cite web|title=19 Republican states accuse JPMorgan of closing bank accounts and discriminating against customers due to their religious or political beliefs|url=https://www.businessinsider.com/republican-states-accuse-jpmorgan-closing-accounts-religious-political-beliefs-2023-5|website=Business Insider|access-date=2025-11-29|language=en-US|first=Ryan|last=Hogg|date=May 14, 2023}}</ref><ref>{{Cite web|title=JPMorgan Targeted by Republican States Over Accusations of Religious Bias|url=https://www.wsj.com/politics/jpmorgan-targeted-by-republican-states-over-accusations-of-religious-bias-903c8b26|website=The Wall Street Journal|date=2023-05-13|access-date=2025-11-29|language=en-US|first=Jathon|last=Sapsford}}</ref> Chase denied engaging in account closures on the basis of religious or political beliefs.<ref name="Giatti" />
The following year, after the proposal earned only 2.3% approval,<ref>{{Cite web|title=Anti-ESG Shareholder Proposals in 2023|url=https://corpgov.law.harvard.edu/2023/06/01/anti-esg-shareholder-proposals-in-2023/|website=The Harvard Law School Forum on Corporate Governance|date=2023-06-01|access-date=2025-11-29|language=English|first=Heidi|last=Welsh}}</ref> Bahnsen hired a fund consultant, Jerry Bowyer, to re-introduce the proposal. A second group, Alliance Defending Freedom (ADF), noticed a change to Chase's WePay terms, which prompted Bahnsen and Bowyer to withdraw the proposal. The terms of the language prohibited payments that met the "social risk" criteria, defined as "subject to allegation and impacts related to hate groups, systemic racism, sexual harassment and corporate culture." Chase said that the language was from 2017 when it purchased WePay.<ref>{{Cite news|url=https://www.reuters.com/sustainability/boards-policy-regulation/conservative-investor-pulls-jpmorgan-resolution-cites-changes-addressing-2024-05-21/|title=Exclusive: Conservative investor pulls JPMorgan resolution, cites changes addressing 'politicized finance'|last=Kerber|first=Ross|date=May 21, 2024|work=Reuters}}</ref> ADF worked with Tennessee legislators to enact a law prohibiting viewpoint-based debanking, the first statute of its kind in the United States.<ref name=":8">{{Cite web|title=We’ve Won a Major Victory in the Battle Against ‘De-Banking’|url=https://www.nationalreview.com/2025/03/weve-won-a-major-victory-in-the-battle-against-debanking/|website=National Review|date=2025-03-14|access-date=2025-11-29|language=en-US|last=Watts|first=Lathan}}</ref> The law took effect on July 1, 2024.<ref>{{Cite web|title=Tennessee New Law to Curb “De-Banking”|url=https://www.consumerfinanceandfintechblog.com/2024/05/tennessee-new-law-to-curb-de-banking/|website=Consumer Finance and Fintech Blog|date=2024-05-03|access-date=2025-11-29|language=en-US|first1=A. J.|last1=Dhaliwal|first2=Mehul|last2=Madia}}</ref>
In early 2025, after Bahnsen and Bowyer introduced a third shareholder proposal regarding the alleged practices, Chase argued that anti-money laundering laws were to blame for debanking, not discrimination.<ref>{{Cite web|title=Jamie Dimon: Regulators ‘pretty much’ to blame for debanking|url=https://subscriber.politicopro.com/article/2025/02/jamie-dimon-regulators-pretty-much-to-blame-for-debanking-00204094|website=Politico|access-date=2025-11-29|language=en|date=February 13, 2025|last=Goodman|first=Jasper}}</ref> That March, Chase agreed to add explicit language to its policies to say it does "not tolerate discrimination ... based on ... religion, religious affiliation, or religious views ... political opinions, speech, or affiliations," by July of that year. The shareholder proposal was again withdrawn.<ref name=":8" /> In August, President Donald Trump signed an executive order directing federal regulators to investigate and punish banks for alleged discrimination of conservatives based on their religious or political affiliation.<ref>{{Cite news|title=Donald Trump Orders Crackdown on Politically Motivated ‘Debanking’|url=https://www.wired.com/story/donald-trump-orders-crackdown-on-politically-motivated-debanking/|work=Wired|access-date=2025-11-29|issn=1059-1028|language=en-US|first=Joel|last=Khalili}}</ref> {{As of|2025|November}}, Chase was under investigation for its debanking policies, with which they said they were fully cooperating.<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2025-11-04/jpmorgan-facing-us-investigations-tied-to-trump-s-debanking-push|title=JPMorgan Facing US Investigations Tied to Trump’s Debanking Push|last=Levitt|first=Hannah|date=November 4, 2025|publisher=Bloomberg L.P.}}</ref><ref>{{Cite news|url=https://www.reuters.com/business/finance/jpmorgan-chase-responding-government-fair-access-banking-policies-2025-11-04/|title=JPMorgan Chase responding to requests on 'debanking' policies|date=November 4, 2025|work=Reuters}}</ref>
The Southern Poverty Law Center (SLPC) criticized the debanking narrative, arguing that it constitutes a conspiracy theory advanced by Christian dominionist networks led by Bahnsen, who they characterized as a Christian supremacist with ties to hate groups. According to SPLC, claims of systematic banking discrimination against conservative Christians rely on anecdotal cases and ignore banks' denials and existing anti-discrimination laws. SPLC specifically criticized Bahnsen for not disclosing his advisory role with ADF’s Viewpoint Diversity Score program when filing proposals that cite the same program.<ref>{{Cite web|title=‘Debanking’ conspiracy theory movement is led by Christian dominionists|url=https://www.splcenter.org/resources/hatewatch/debanking-conspiracy-theory-movement-led-christian-dominionists/|website=Southern Poverty Law Center|date=2025-04-09|access-date=2025-11-29|language=en-US|last=Cravens|first=R.G.|last2=Wiinikka-Lydon|first2=Joe}}</ref> ''The New York Times'' wrote that critics view the debanking narrative as a politically motivated and unsubstantiated claim of ideological persecution and that examples often reflect routine compliance decisions rather than targeted discrimination.<ref>{{Cite news|title=No, You Don’t Actually Have a Right to a Bank Account|url=https://www.nytimes.com/2025/05/15/business/trump-debanking-crypto.html|date=2025-05-15|access-date=2025-11-29|language=en|last=Copeland|first=Rob|last2=Eavis|first2=Peter|last3=Smith|first3=Colby|work=The New York Times}}</ref> A 2025 analysis in The ''National Law Review'' said that Trump's executive order prompted potential enforcement actions, but that regulators may face significant legal hurdles because existing statutes do not cover politically motivated account closures.<ref>{{Cite web|title=The Expected Impact of Trump's Executive Order No. 14331|url=https://natlawreview.com/article/what-may-be-ahead-debanking-enforcement|website=National Law Review|access-date=2025-11-29|language=en|last=Kolodziej|first=Jonathan R|last2=Maddox|first2=Robert}}</ref>
== Selected publications ==
* {{Cite book |last=Bahnsen |first=David L. |title=Full-time: work and the meaning of life |date=2024 |publisher=Post Hill Press |isbn=979-8-88845-073-4 |location=New York}} * {{cite news |last1=Bahnsen |first1=David |date=16 April 2023 |title=My Bid to Make JPMorgan Less Woke |url=https://www.wsj.com/articles/my-bid-to-make-jpmorgan-less-woke-progressive-discrimination-conservatives-christians-shareholders-sec-banking-finances-583c7999 |access-date= |work=The Wall Street Journal}} * {{Cite journal |last=Bahnsen |first=David L. |date=2022–2023 |title=Woke Corporations: Cowardice and Crusaders for the Worst |url=https://heinonline.org/HOL/Page?handle=hein.journals/trlp27&id=739&div=&collection= |journal=Texas Review of Law and Politics |volume=27 |pages=699}} * {{Cite web |last=Bahnsen |first=David L. |date=2021-04-01 |title=The Great California Exodus |url=https://www.nationalreview.com/magazine/2021/04/19/the-great-california-exodus/ |access-date= |website=National Review |language=en-US}} * {{Cite web |last=Bahnsen |first=David L. |date=2020-01-17 |title=The Wealth-Tax Horror |url=https://www.commentary.org/articles/david-bahnsen/the-wealth-tax-horror/ |access-date= |website=Commentary Magazine |language=en-US}} * {{Cite book |last=Bahnsen |first=David L. |title=The case for dividend growth: investing in a post-crisis world |date=2019 |publisher=Post Hill Press |isbn=978-1-64293-045-0 |location=New York}} * {{Cite book |last=Bahnsen |first=David L. |title=Crisis of responsibility: our cultural addiction to blame and how you can cure it |last2=French |first2=David |date=2018 |publisher=Post Hill Press |isbn=978-1-68261-625-3 |location=New York}}
== Recognition ==
* Top 300 Advisors in America, ''Financial Times'', 2017<ref>{{Cite web|url=https://www.ft.com/content/1ad3a626-2c30-11e7-bc4b-5528796fe35c|title=FT 300: full 2017 list of top US registered investment advisers|last=Fox|first=Loren|date=June 22, 2017|website=Financial Times|language=en-GB|access-date=April 21, 2018}}</ref> * Top 250 Advisors, National, ''Forbes'', 2025<ref name=":4">{{Cite web|title=David Bahnsen - Hightower|url=https://www.forbes.com/profile/david-bahnsen/|website=Forbes|access-date=2025-11-28|language=en}}</ref> * Top Advisor, California, ''Forbes'', 2025<ref name=":4" /> * America's Top 1200 Advisors, by state, ''Barron's'', 2014–2025<ref>{{Cite web|title=Barron's Top Financial Advisor Rankings|url=https://www.barrons.com/advisor/report/top-financial-advisors/1000/2025|website=barrons.com|access-date=2025-11-28|language=en}}</ref> * America's Top 100 Advisors, ''Barron's'', 2025 (83)<ref>{{Cite web|title=Barron's Top Financial Advisor Rankings|url=https://www.barrons.com/advisor/report/top-financial-advisors/100|website=barrons.com|access-date=2025-11-28|language=en}}</ref>
== References == {{Reflist}}
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{{DEFAULTSORT:Bahnsen, David}} Category:Living people Category:1974 births Category:American male non-fiction writers Category:Chief investment officers Category:American money managers Category:People from Torrance, California Category:Writers from Los Angeles County, California Category:American financial writers