Trump Threatens Lawsuit Against JPMorgan Chase, Repeats Unproven 'Debanking' Claims

Former President Donald Trump announced on Saturday that he intends to sue JPMorgan Chase, renewing an unproven allegation that the nation’s largest bank and other lenders "debanked" him after the January 6, 2021, Capitol riot. Trump tied the threat of legal action to his criticism of a Wall Street Journal report that said he offered JPMorgan CEO Jamie Dimon the U.S. Federal Reserve chair job—an account Trump denies.

No Evidence Provided

In his social media post, Trump reiterated that JPMorgan and other banks cut off his access to banking services after Jan. 6, but he did not present evidence to support that claim. Banks named by Trump, including JPMorgan Chase and Bank of America, have strongly denied refusing his deposits or closing his accounts for political reasons.

“I’ll be suing JPMorgan Chase over the next two weeks for incorrectly and inappropriately DEBANKING me after the January 6th Protest… The Election was RIGGED!”

Responses From JPMorgan and Dimon

Jamie Dimon told reporters there was "no job offer" and said he believed the situation was now being managed "better than I could have". JPMorgan Chase spokeswoman Trish Wexler said: "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. We appreciate that this administration has moved to address political debanking and we support those efforts."

Broader Context: Fed, Powell And A DOJ Inquiry

The dispute comes amid heightened tensions between Trump and the Federal Reserve. Dimon warned last week that Trump’s attacks on Fed Chair Jerome Powell risk undermining central bank independence and could inadvertently push up interest rates and inflation. Trump dismissed Dimon’s warning and reiterated his position that rates should be lower.

Separately, Powell is the subject of a Justice Department criminal inquiry into alleged misuse of funds linked to renovations at Federal Reserve headquarters. Powell has said the Fed is being targeted for resisting political pressure to lower interest rates; Trump says he was unaware of the inquiry until it became public.

Other Legal Actions

Trump also criticized the Wall Street Journal’s reporting and faces separate litigation: last year he sued Rupert Murdoch and two Journal reporters seeking $10 billion in damages over reporting that linked him to a lewd letter and sketch allegedly sent to Jeffrey Epstein.

Reporting note: The claims of "debanking" and that the 2020 election was "rigged" have been repeatedly alleged by Mr. Trump but lack substantiated evidence in public records and have been denied by the banks named.