President Donald Trump said Saturday that he intends to bring legal action against JPMorgan Chase, accusing the banking giant of improperly restricting his financial access following the January 6, 2021 Capitol unrest. The announcement was made on his Truth Social account, where he claimed the bank had “wrongly and inappropriately debanked” him and suggested the suit would be filed within the next two weeks.
Trump has long asserted that major banks, including JPMorgan and Bank of America, closed or limited his accounts after the Capitol incident, alleging the decisions were politically driven. His administration later issued an executive order in 2025 aimed at preventing financial institutions from denying services based on political or religious affiliations. JPMorgan declined to comment on individual clients but stressed that it does not endorse closing accounts based on someone’s beliefs and expressed approval of efforts to stop politically motivated “debanking.”
The president also dismissed a report from The Wall Street Journal claiming he had offered JPMorgan CEO Jamie Dimon the position of Federal Reserve Chair earlier in the year. Trump called the report “completely false,” arguing no such offer was made and criticizing the newspaper for failing to verify its claims. Dimon later echoed Trump’s statement, saying there had been “no job offer,” while a JPMorgan spokesperson remarked that the outlet’s reporting should have been challenged before publication. According to the original article, unnamed sources had suggested Dimon viewed the supposed offer as a playful remark during a meeting at the White House.
The episode underscores growing friction between Trump and Dimon, once seen by some Republicans as a potential candidate for a senior economic role. Dimon has recently voiced concerns about Trump’s policy direction and reiterated his support for central bank independence amid a Justice Department probe involving Federal Reserve Chair Jerome Powell, whose term concludes in May. Meanwhile, other top JPMorgan executives have opposed a proposed 10% cap on credit card interest rates, arguing it would reduce access to credit and burden the broader financial system. Trump dismissed those criticisms and suggested the banking industry benefits from higher rates.
If filed, the JPMorgan lawsuit would add to a series of cases involving Trump-linked businesses and major financial institutions. In 2025, the Trump Organization initiated legal action against Capital One, alleging the termination of its banking relationship following the Capitol riot. Donald Trump Jr. has previously claimed that traditional banking barriers pushed the family toward digital finance and cryptocurrency services.
Trump concluded his Saturday remarks by again asserting his unsupported claim that the 2020 election was manipulated, linking that allegation to his defense of the Capitol events.
EU–Mercosur Seal Historic Free Trade Pact After More Than Two Decades of Talks, marking a major geopolitical shift – read this detailed blog for full insights!
