Bank of America has pledged to mobilise $250 billion for US infrastructure and strategically important projects over 18 months from January 1, in a move that supports President Donald Trump’s “America First” economic agenda after tensions between the president and chief executive Brian Moynihan.

The US bank said on Wednesday it would deploy the capital through direct lending, deal underwriting, investment and advisory services. The programme will target sectors including artificial intelligence, energy and infrastructure, with the commitment running until July 4, 2027.

Jim DeMare, BofA’s co-president, said the initiative reflected the bank’s confidence in the US economy and the investments needed to support future growth. “The infrastructure that powers our economy, strengthens our energy security and secures our technological leadership will drive growth, create jobs and define America’s next chapter,” he said.

The announcement follows a difficult relationship between Trump and Moynihan. Trump criticised the chief executive at the World Economic Forum in 2025, claiming Bank of America had refused to open an account for him, before snubbing Moynihan at a reception for business leaders in Davos in January, according to the Financial Times.

The bank’s pledge comes as US financial institutions increase their commitments to projects considered strategically important to national economic security. JPMorgan Chase announced a $1.5 trillion, decade-long investment programme last year covering projects linked to economic security and resilience, while Morgan Stanley this week announced plans to invest $1.5 trillion over 10 years in areas including AI, defence and critical minerals.

Bank of America has expanded its involvement in financing the infrastructure required by the AI industry. In April, it led a $14 billion bond offering for an Oracle-backed data centre project in Michigan, demonstrating its role in funding large-scale technology and power developments.

The bank said its new commitment would support US competitiveness while covering a range of financial activities rather than representing a single investment fund. The pledge has been backdated to the start of 2026, allowing financing and advisory activity already undertaken during the year to count towards the target.

Bank of America has meanwhile retained a $1.5 trillion sustainable finance target despite political pressure on renewable energy under the Trump administration. The bank’s latest announcement places its US infrastructure financing alongside its existing sustainability commitments.

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