President Donald Trump said Saturday that he plans to file a lawsuit against JPMorgan Chase, accusing the bank of improperly cutting off his accounts following the Jan. 6, 2021, Capitol attack. Trump posted on Truth Social that the suit would be filed “over the next two weeks.”
He further alleged that the bank “incorrectly and inappropriately debanked” him in the aftermath of the protests. He has repeatedly claimed that JPMorgan and other major financial institutions ended their banking relationship with him after Jan. 6, a claim the bank has denied.
According to an August 2025 report from the New York Post, the Biden Administration’s banking regulators and the Federal Reserve pressured major financial firms to take action. The pressure resulted in tens of millions of dollars in Trump’s holdings being kicked off the JPMorgan banking platform, and later to a denial of access to Bank of America’s banking services.
In his post, Trump also denied a Wall Street Journal report that he had offered JPMorgan Chase Chief Executive Jamie Dimon the job of Federal Reserve chair, saying no such offer was made. Dimon has publicly stated that no offer was extended and characterized discussions as misreported.
Trump wrote:
A front page Article in The Fake News Wall Street Journal states, without any verification, that I offered Jamie Dimon, of JPMorgan Chase, the job of Fed Chairman. This statement is totally untrue, there was never such an offer and, in fact, 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! Why wouldn’t The Wall Street Journal call me to ask whether or not such an offer was made? I would have very quickly told them, “NO,” and that would have been the end of the story. Also, one was led to believe that I offered Jamie Dimon the job of Secretary of the Treasury, but that would be one that he would be very interested in. The problem is, I have Scott Bessent doing a fantastic job, A SUPERSTAR — Why would I give it to Jamie? No such offer was made there, or even thought of, either. The Wall Street Journal ought to do better “fact checking,” or its already strained credibility will continue to DIVE. Thank you for your attention to this matter!
JPMorgan Chase said it does not close accounts based on political or religious beliefs and reiterated its support for regulations addressing so-called “political debanking.” The bank said serving its customers is a privilege and that it complies with applicable laws and regulatory requirements.
However, others reportedly familiar with the situation begged to differ.
“Think back to what it was like being Trump back in 2021; he was a hot potato after January 6 and the regulators made it clear to us that we shouldn’t do business with him,” one banking executive with direct knowledge of the situation told the New York Post. An executive at JPMorgan told the outlet that regulators “put the fear of God in you if you did business” with people like Trump.
Trump’s announcement comes amid broader tensions between the administration and financial institutions over issues including interest rate policy and regulatory actions.
Trump has also been sparring with current Federal Reserve Chairman Jerome Powell, whom he appointed during his first term, over lingering high interest rates.
Powell and the Fed lowered rates a couple of times before the 2024 election – some say to help then-Vice President Kamala Harris – but has refused to do so since, though inflation has fallen dramatically over the past two years.
Trump says Powell is keeping rates high to hurt the president’s economic agenda.
