Trump Announces Plans to Sue JPMorgan Chase Over Alleged ‘Debanking’

President Donald Trump declared on January 17, via Truth Social that he will sue JPMorgan Chase within the next two weeks, accusing the major bank of “incorrectly and inappropriately DEBANKING” him following the January 6, 2021, Capitol protest.

In his post, Trump stated: “I’ll be suing JPMorgan Chase over the next two weeks for incorrectly and inappropriately DEBANKING me after the January 6th Protest, a protest that turned out to be correct for those doing the protesting – The Election was RIGGED!” 

He framed the alleged account closures as politically motivated retaliation, claiming banks like JPMorgan Chase and Bank of America refused his deposits or shut down accounts after his first presidency ended in 2021, possibly under pressure from the prior administration.

The announcement came in response to a Wall Street Journal report alleging Trump had offered JPMorgan CEO Jamie Dimon the Federal Reserve chair position, which Trump dismissed as “totally untrue.” He ruled out Dimon for any administration role and praised his current picks, including Treasury Secretary Scott Bessent.

Trump Continues Criticism Against JPMorgan CEO Jamie Dimon

Trump has intensified criticism of Dimon amid ongoing monetary policy tensions. Responding to Dimon’s recent defense of Fed independence and warnings that attacks on Chair Jerome Powell could fuel inflation, Trump remarked earlier this week: “We should have lower interest rates. Jamie Dimon probably wants higher rates, maybe he makes more money that way.” 

This implies Trump believes Dimon resists aggressive rate cuts because elevated interest rates boost JPMorgan’s profitability, likely through wider net interest margins on loans and deposits.

JPMorgan Chase has repeatedly denied closing accounts due to political or religious beliefs.

Spokesperson Trish Wexler responded: “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.”

The threat aligns with Trump’s broader anti-debanking agenda, including an August 2025 executive order directing regulators to prevent discrimination in financial services based on politics or religion. The Trump Organization filed a similar lawsuit against Capital One in 2025 over account closures, which remains ongoing.

As of January 18, 2026, no formal complaint has been filed against JPMorgan. Legal analysts suggest proving politically driven decisions in private banking could be difficult, as institutions retain discretion under reputational risk and compliance guidelines.

The dispute underscores growing friction between the Trump administration and Wall Street, exacerbated by proposals like capping credit card interest rates at 10%, which JPMorgan has warned could restrict credit availability for consumers.