President Donald Trump harshly criticized JPMorgan Chase & Co. and its chief Jamie Dimon, threatening to sue the banking powerhouse over his assertion that he was debanked following the January 6, 2021, Capitol riot.
In a Saturday statement, Trump reacted to a Wall Street Journal report indicating that he had offered Dimon the role of Federal Reserve chair several months prior, an overture Dimon viewed as a joke.
“There was never such an offer, and in fact, I will be suing JPMorgan Chase within the next two weeks for wrongly and inappropriately DEBANKING me after the January 6th Protest,” Trump wrote.
He provided no further details. JPMorgan did not immediately respond to a weekend request for comment.
Trump claimed in August that JPMorgan “discriminated against me very severely” when he alleged the bank asked him to close accounts he had held for decades, an action he believes was tied to his supporters storming the Capitol to block the 2021 certification of President Joe Biden’s victory. The bank later stated it is facing reviews, investigations, and legal proceedings linked to the Trump administration’s campaign against “debanking.”
Dimon said earlier this week he would not consider becoming the Fed chair.
When asked on Thursday at a U.S. Chamber of Commerce event about whether he would consider leading the central bank, Dimon stated, “Chairman of the Fed—I’d say there’s absolutely, positively no chance, no way, no how, for any reason.”
As for heading the Treasury, “I would take the call,” he said.
Trump has not yet revealed who he will nominate to succeed Fed Chair Jerome Powell, whose term as chair ends in May. Trump said Friday he has a candidate in mind but declined to name them.
Read More:
Dimon’s comments follow a public exchange between Dimon and Trump earlier this week over the president’s criticisms of the Fed, including criminal subpoenas issued by the Justice Department regarding the renovation of the Fed’s headquarters. Dimon noted on Tuesday that undermining Fed independence is “not a great idea” and could lead to higher inflation and interest rates over time.
Dimon has previously pushed back against attempts by Trump’s allies to suggest the bank’s customer decisions are biased.
“We do not debank individuals based on their religious or political affiliations,” Dimon told CNBC Business in December.