President Trump escalated his feud with JPMorgan Chase, threatening Saturday to sue the banking behemoth in the next two weeks for “debanking” him after the Jan. 6 Capitol riots under pressure from the Biden administration.
JPMorgan “incorrectly and inappropriately DEBANKED” Trump abruptly closing his accounts after decades-long ties and giving him just weeks to move his money, he wrote Saturday on his Truth Social.
The threat comes as JPMorgan has emerged as one of the most vocal critics of the Trump Justice Department’s criminal probe into Federal Reserve Chair Jerome Powell, with Dimon warning that undermining the Fed’s independence could backfire by raising inflation expectations and interest rates.
At the same time, the White House has taken aim at banks’ profits, pushing a proposal to cap credit card interest rates at 10% for a year — a move JPMorgan executives have warned could restrict access to credit and hurt consumers.
Tensions were further inflamed by a Wall Street Journal report claiming Trump had floated JPMorgan CEO Jamie Dimon as a potential Fed chair, a claim Trump dismissed as “totally untrue,” insisting no such offer was ever made and accusing the paper of shoddy fact-checking.
