President Donald Trump is planning to sue JPMorgan Chase bank over their debanking him. The president said Saturday morning that he’d be filing suit in the next two weeks.
The bank allegedly closed Trump’s accounts in the wake of the Jan. 6, 2021, Capitol Insurrection. Trump previously said the bank gave him 20 days to move millions of dollars out of his accounts after pressure from the Biden administration.
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JPMorgan responded to these claims by saying they don’t close accounts for political reasons. The New York Post spoke to unnamed sources who said the Office of the Comptroller of the Currency, the FDIC and the Federal Reserve told JPMorgan that keeping Trump on their books could “create compliance problems tied to appearances, even absent any criminal wrongdoing.”
Chase CEO Jamie Dimon addressed these claims of political debanking directly in January 2024.
“Now, when we de-bank someone, they often blame that reason, but that’s not a reason,” he told Chase’s “The Unshakeables” podcast. “We don’t bank marijuana companies because there’s no federal law around it. We simply can’t follow the law. If there’s a federal law, we probably would, and we do bank some crypto companies, and very carefully. We are responsible in the law to fight sex trafficking, money laundering, tax avoidance. It’s the Bank Secrecy Act, and we have to follow that.”
Fed chair speculation
The announcement was apparently sparked after a Wall Street Journal article published Wednesday said Trump offered Dimon the job of Federal Reserve chairman.
“A front page Article in The Fake News Wall Street Journal states, without any verification, that I offered Jamie Dimon, of JPMorgan Chase, the job of Fed Chairman,” Trump said in a Truth Social post. “Why wouldn’t The Wall Street Journal call me to ask whether or not such an offer was made? I would have very quickly told them, ‘NO,’ and that would have been the end of the story.”
The Journal cited unnamed sources present at a White House discussion between the President and the CEO. The paper said Dimon took the Fed job offer as “a joke.”
Dimon told Bloomberg News on Thursday that there was “no chance, no way, no how, for any reason,” that he would have taken up any offer to run the Federal Reserve.
Trump also noted that The Journal reported Dimon had been offered the Treasury secretary appointment. Trump touted Secretary Scott Bessent as a “SUPERSTAR” and said he’d have no need for Dimon in that post.
Powell clash
Trump and Dimon have been at odds recently over the administration’s pressure on current Fed Chair Jerome Powell. The bank CEO told reporters after a Tuesday earnings call that Fed independence from the executive branch was paramount.
Powell confirmed Sunday night that the Justice Department had subpoenaed the central bank on Jan. 9. The investigation is looking into Powell’s 2025 testimony about a multi-year renovation of the Federal Reserve’s headquarters.
