President Donald Trump stated he intends to sue JPMorgan Chase, alleging the bank improperly terminated his accounts following the January 6, 2021, Capitol riot. Trump made the announcement in a post Saturday, referencing a Wall Street Journal article that discussed a purported offer from Trump to JPMorgan Chase CEO Jamie Dimon for the role of Federal Reserve chair.
Trump claimed JPMorgan Chase discriminated against him by requesting the closure of accounts he had held for decades. He believes this action was linked to the events of January 6, when his supporters protested the certification of President Joe Biden's victory. "There was never such an offer and, in fact, Ill be suing JPMorgan Chase over the next two weeks for incorrectly and inappropriately DEBANKING me after the January 6th Protest," Trump wrote.
JPMorgan Chase has not yet issued a public response to Trump's threat. In August, Trump initially made similar allegations, claiming the bank discriminated against him. The bank later acknowledged it was facing reviews, investigations, and legal proceedings related to the Trump administration's efforts against debanking, a practice where financial institutions deny services to individuals or businesses.
Dimon addressed the possibility of becoming Fed chair earlier this week, stating he would not consider the position. The Wall Street Journal article suggested Trump's offer to Dimon was interpreted as a joke. The lawsuit, if filed, could potentially raise questions about the extent to which financial institutions can terminate relationships with clients based on political considerations.
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