TLDR:
- Trump announces lawsuit against JPMorgan Chase within two weeks for alleged politically motivated debanking practices.
- JPMorgan denies closing accounts based on political beliefs and supports efforts to address debanking concerns nationwide.
- Trump Organization previously sued Capital One in 2025 over similar account restrictions following Capitol incident events.
- Relationship between Trump and JPMorgan CEO Jamie Dimon has deteriorated significantly since 2024 campaign period ended.
President Donald Trump revealed plans Saturday to file a lawsuit against JPMorgan Chase within two weeks. The legal action stems from alleged account closures following the January 6, 2021, Capitol incident.
Trump characterizes the banking relationship termination as politically motivated retaliation. The president claims JPMorgan restricted his accounts under pressure from the previous administration.
This controversy adds another layer to ongoing tensions between Trump and major financial institutions.
Banking Dispute Emerges Amid Political Tensions
Trump made the announcement through a Truth Social post addressing a Wall Street Journal report. The article suggested he offered JPMorgan CEO Jamie Dimon the Federal Reserve chair position.
In his post, Trump firmly denied the claim, writing that the statement “is totally untrue, there was never such an offer.” He questioned why the publication failed to contact him for verification before publishing.
The president expanded his criticism to include claims about the Treasury secretary position. Reports indicated Dimon might have been considered for the role during the campaign.
However, Trump praised current Treasury Secretary Scott Bessent in his post, calling him “A SUPERSTAR” and questioning, “Why would I give it to Jamie?” He stated no offer was extended to the banking executive.
JPMorgan spokesperson Trish Wexler responded to the allegations on Saturday. Addressing the debanking claims, Wexler stated, “We don’t close accounts because of political beliefs.”
She added that the bank “appreciate[s] that this administration has moved to address political debanking.” Wexler declined to discuss specific client details.
Broader Pattern of Financial Institution Conflicts
Trump previously targeted JPMorgan and Bank of America in August regarding similar accusations.
He alleged both institutions discriminated against him in recent years. The president frames these actions as part of widespread conservative debanking. This narrative has become central to his criticism of financial sector practices.
The Trump Organization filed a separate lawsuit against Capital One earlier in 2025. That case involves alleged improper account restrictions following the Capitol attack.
The business, founded by Trump’s late father, faced access limitations according to the complaint.
Dimon addressed the Federal Reserve position speculation in a Bloomberg interview Thursday. When asked about accepting the role, he declared, “Absolutely, positively no chance, no way, no how, for any reason.”
The CEO also expressed respect for current Treasury Secretary Bessent, saying, “I have enormous respect for Secretary Bessent and think he’s doing an excellent job for our country.”
The Wall Street Journal story published Wednesday cited sources familiar with the discussion. According to those sources, Dimon interpreted Trump’s Fed chair mention as humorous.
The relationship between Trump and Dimon has notably deteriorated since the campaign period. What began as potential collaboration has transformed into public discord and pending litigation.
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