Trump Vows Legal Action Against JPMorgan Chase
Former President Donald Trump has launched a fierce attack against JPMorgan Chase & Co. and its CEO Jamie Dimon. He threatened to file a lawsuit against the banking giant within the next two weeks. Trump claims the bank wrongfully debanked him following the January 6, 2021, protest at the U.S. Capitol.
Dispute Over Federal Reserve Offer
Trump made his statement in response to a recent Wall Street Journal report. The story suggested Trump had offered Dimon the position of Federal Reserve chair several months ago. According to the report, Dimon interpreted the offer as a joke.
Trump firmly denied ever making such an offer. "There was never such an offer," he wrote in a social media post on Saturday. "In fact, I'll be suing JPMorgan Chase over the next two weeks for incorrectly and inappropriately DEBANKING me after the January 6th Protest." He provided no further details about the planned legal action.
JPMorgan did not immediately respond to requests for comment over the weekend.
History of Debanking Allegations
This is not the first time Trump has accused JPMorgan of discrimination. Back in August, he publicly claimed the bank "discriminated against me very badly." He alleged that JPMorgan asked him to close accounts he had held for decades.
Trump believes this action was directly connected to the Capitol riot. His supporters stormed the building in an attempt to stop the certification of President Joe Biden's 2020 election victory.
The bank has previously stated it faces various reviews and legal proceedings. These are tied to the Trump administration's efforts to combat what they call "debanking."
Dimon's Stance on Federal Roles
Jamie Dimon addressed questions about potential government service earlier this week. At a U.S. Chamber of Commerce event on Thursday, someone asked if he would consider leading the Federal Reserve.
"Chairman of the Fed, I'd put in the absolutely, positively no chance, no way, no how, for any reason," Dimon stated clearly. However, he showed more openness to another role. "As for running the Treasury, I would take the call," he added.
Trump has not yet revealed who he will nominate to succeed current Fed Chair Jerome Powell. Powell's term ends in May. On Friday, Trump said he has a candidate in mind but declined to name the person.
Broader Conflict Over Federal Reserve Independence
Dimon's comments follow a public exchange with Trump earlier in the week. The dispute centered on Trump's criticisms of the Federal Reserve. These included criminal subpoenas issued by the Justice Department related to renovations at the Fed's headquarters.
On Tuesday, Dimon warned that undermining Fed independence is "not a great idea." He suggested such actions could lead to higher inflation and interest rates over time.
Dimon has consistently pushed back against allegations of bias in the bank's customer decisions. "We do not debank people's religious or political affiliations," he told Fox Business in December. He emphasized that JPMorgan makes decisions based on standard banking criteria, not personal beliefs.
The conflict highlights ongoing tensions between major financial institutions and political figures. It raises questions about how banks navigate relationships with controversial clients.
