President Donald Trump accused two of the nations’ largest banks of rejecting his business, following a report his administration was preparing an executive order threatening financial institutions who refused to do business on ideological grounds.

Big banks said they agree with President Donald Trump that financial regulations need an overhaul, even as their stock prices dropped Tuesday after the president confirmed plans to issue an executive order to punish those that he said discriminate against conservatives.

Former U.S. President Donald Trump on Tuesday accused major banks of discriminating against him and his supporters, claiming that JPMorgan Chase and Bank of America refused to accept his deposits after his first term.