Former President Donald Trump launched a fierce attack against JPMorgan Chase and its CEO Jamie Dimon. He announced his intention to file a lawsuit against the banking giant in the coming weeks.
Trump's Legal Threat Over Account Closure
Trump made his announcement through a post on his Truth Social platform. He accused JPMorgan Chase of wrongfully closing his accounts following the January 6, 2021, protest at the U.S. Capitol.
"I'll be suing JPMorgan Chase over the next two weeks for incorrectly and inappropriately DEBANKING me after the January 6th Protest," Trump wrote.
This accusation aligns with Trump's previous claims about being rejected by major banks. Last year, he signed an executive order aimed at preventing banks from denying services based on political or religious beliefs.
Both JPMorgan Chase and Bank of America have consistently denied closing accounts for political reasons. They maintain their decisions follow standard banking protocols.
Denial of Federal Reserve Chair Rumors
In the same social media post, Trump addressed circulating rumors about offering Jamie Dimon the position of Federal Reserve Chair. He firmly denied any such consideration.
"The problem is, I have Scott Bessent doing a fantastic job, A SUPERSTAR — Why would I give it to Jamie?" Trump stated, referring to the current Treasury Secretary.
He added, "No such offer was made there, or even thought of, either."
Dimon's Position on Federal Leadership Roles
Jamie Dimon himself recently commented on potential government positions. Speaking at a U.S. Commerce Department event on January 15, he completely ruled out accepting the Federal Reserve Chair role.
"Absolutely, positively no chance, no way, no how, for any reason," Dimon declared.
However, the JPMorgan CEO indicated he might consider serving as Treasury Secretary if offered the position. This clarification came during discussions about his future plans.
Federal Reserve Independence Under Scrutiny
The topic of Federal Reserve independence has gained significant attention recently. Current Fed Chair Jerome Powell disclosed that the Justice Department served the central bank with grand jury subpoenas.
Powell explained this investigation relates to the Fed's refusal to lower interest rates despite presidential pressure. He emphasized his commitment to maintaining the institution's independence.
"Public service sometimes requires standing firm in the face of threats," Powell stated in a televised address. "I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people."
Banking Industry Perspectives
During JPMorgan's fourth-quarter earnings call, Jamie Dimon expressed his views on central bank independence. While showing respect for Chair Powell, he carefully distanced himself from some Fed policies.
"Everyone we know believes in Fed independence," Dimon remarked. "Anything that chips away at that is probably not a great idea—and, in my view, will have the reverse consequences. It'll raise inflation expectations and probably increase rates over time."
The Justice Department's investigation continues under Attorney General Pam Bondi's direction. Her office has prioritized examining potential misuse of taxpayer funds.
Neither the White House nor JPMorgan Chase provided immediate comments regarding Trump's latest allegations. The financial community watches closely as this high-profile dispute develops.
