President Donald Trump on Saturday declared his intention to file a lawsuit against the investment banking firm JPMorgan Chase within “the next two weeks”. This legal action is in response to allegations of being “DEBANKED” following the Capitol insurrection on January 6, 2021.
Trump asserts that the investment bank either closed or imposed restrictions on his accounts in the aftermath of the riot, thereby severing his longstanding banking relationships. He characterizes this move as politically motivated retaliation, contending that banks were influenced by the Biden administration’s pressure.
Moreover, the POTUS has increasingly incorporated this issue into a wider narrative concerning the “debanking” of conservatives.
“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,” Trump stated in a Truth Social post. “The Election was RIGGED!”
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JPMorgan reacts
JPMorgan refuted claims of account closures due to political motivations.
“While we won’t get specific about a client, we don’t close accounts because of political beliefs. We appreciate that this administration has moved to address political debanking and we support those efforts,” Trish Wexler, a firm spokesperson, said Saturday, as per the UK Independent.
Trump ties with American banks
In August, Trump enacted an executive order mandating that banks must not deny financial services to clients due to their religious or political beliefs, a practice referred to as “debanking.”
Trump, without providing evidence, asserted during an August interview with CNBC, that he had been personally discriminated against by banks. He alleged that JPMorgan Chase and Bank of America declined to accept his deposits after his first term in office.
At that time, JPMorgan stated that it does not close accounts for political reasons, while Bank of America mentioned that it does not comment on client-related matters.
During the 2024 election campaign, JPMorgan’s CEO Jamie Dimon was considered for the position of Treasury Secretary by the president. However, their relationship has deteriorated since then. “There was no job offer. I have enormous respect for Secretary Bessent and think he’s doing an excellent job for our country — better than I could have,” Dimon said.
JPMorgan reacts as Trump plans to sue bank within next two weeks: ‘We appreciate that this…’
