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President Trump has said he will sue JPMorgan Chase within two weeks, alleging the bank improperly closed his accounts following the January 6, 2021, Capitol riot.
Trump made the announcement on social media, claiming the nation’s largest bank shuttered accounts after the Capitol attack. He has not provided evidence to support the allegation. The president wrote he would file the lawsuit “over the next two weeks for incorrectly and inappropriately DEBANKING me after the January 6th Protest.”
JPMorgan Chase denied closing accounts for political reasons. Company spokesperson Trish Wexler said Saturday, “Serving more than 80 million Americans is our privilege, and we agree that no one’s account should ever be closed because of political or religious beliefs.”
Trump has claimed several banks, including JPMorgan Chase and Bank of America, refused his deposits after January 6. Both institutions have rejected those accusations. Last year, the Trump Organization sued Capital One, alleging the bank improperly cut off access to the business following the Capitol attack.
Trump’s announcement came alongside his denial of a Wall Street Journal report that he offered JPMorgan CEO Jamie Dimon the position of Federal Reserve chair. Trump said the report was inaccurate and questioned why the newspaper did not contact him for verification.
Last year, Dimon was reportedly considered for the role of Trump’s Treasury secretary, although he confirmed Saturday that “there was never such an offer.” He expressed respect for current Treasury secretary Scott Bessent and said things were being handled “better than I could have” done.
Tensions between Trump and Dimon have escalated in recent weeks. Last week, Dimon told reporters that Trump’s criticism of current Fed chair Jerome Powell risked undermining central bank independence and could affect interest rates and inflation, The Guardian reported. Trump defended his position, saying he thought his actions were appropriate and calling Powell “a bad Fed person.”
When asked about Dimon’s warnings regarding Fed independence, Trump said last week he believed Dimon was wrong and that interest rates should be lower.
JPMorgan has also publicly opposed Trump’s proposal to cap credit card interest rates. Chief financial officer Jeremy Barnum told reporters on the bank’s earnings call last week the move “would be very bad for consumers, very bad for the economy,” POLITICO reported.
Last year, Trump filed a $10 billion lawsuit against Rupert Murdoch, owner of the Wall Street Journal, and two Journal reporters for libel and slander.
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