Trump: ‘I Plan to Sue JPMorgan Chase’ Over Post-January 6 ‘Debanking’

Trump Plans Lawsuit Against JPMorgan Chase

Former President Donald Trump has announced his intention to pursue legal action against JPMorgan Chase, blaming the bank for abruptly closing his account following the January 6, 2021, Capitol riot.

In a post on his Truth Social platform, Trump called out the bank for “unjustly and inappropriately canceling its banking transactions” after the protests that took place that day. He indicated that his account closure was influenced by the Biden administration, mentioning that he had a limited timeframe of 20 days to move hundreds of millions of dollars.

This potential lawsuit coincides with JPMorgan’s opposition to the Trump Justice Department’s criminal inquiry into Federal Reserve Chairman Jerome Powell. Jamie Dimon, the CEO of JPMorgan, expressed concerns that undermining the Fed’s independence might lead to increased inflation expectations and higher interest rates.

“In the next two weeks, I intend to sue JPMorgan Chase & Co. for unfairly and improperly canceling bank transactions after the January 6 protests,” Trump stated, claiming those protests were justified. He also brought up a supposed offer he had made to Dimon for the role of Treasury Secretary, though he seemed uncertain about the idea, saying he’d never actually thought about it.

Meanwhile, in a separate political move, the White House has proposed a cap on credit card interest rates at 10% for one year, a plan that JPMorgan leaders have warned could restrict access to credit and negatively impact consumers.

Trump’s threat to initiate a lawsuit reignites old grievances over his sudden removal from JPMorgan at the end of his presidency, which he believes was politically motivated. Although JPMorgan has stated it does not close accounts based on political reasons, they acknowledged that reputational risks may have played a role in their decision-making.

This situation underscores ongoing tensions between Trump and the financial sector, particularly following the Capitol riots. If executed, this lawsuit could create further complications in Trump’s ongoing battle against actions he deems politically unjust from financial institutions.