Trumpt threatens to sue JPMorgan Chase for ‘debanking’ him

President Donald Trump threatened to sue on Saturday JPMorgan Chase Allegedly “leaving him out of his bank account” following the riot at the US Capitol on January 6, 2021.

“Within the next two weeks, I will be suing JPMorgan Chase for wrongfully and improperly DEFENDING my bank after the January 6th Protest, a protest that turned out to be true for those protesting,” Trump said. in question in a social media post. “The election was rigged!”

JPMorgan and the White House did not immediately respond to CNBC’s request for comment.

In August, Trump signed an executive order requiring banks to ensure they do not deny financial services to customers based on religious or political beliefs; this practice was known as “debanking”.

Trump claimed in an interview with CNBC in August that he was personally discriminated against by banks, without providing any evidence. He said JPMorgan Chase and Bank of America refused to take his deposits after his first term in office.

At the time, JPMorgan said it did not close its accounts for political reasons, while Bank of America said it did not comment on customer matters. BofA also said it would welcome regulators to set clearer rules on how it conducts its operations.

Trump and his family have a history of anger at financial institutions for allegedly refusing to work with them because of their political orientation.

Last year, Donald Trump Jr. said his family was having difficulty accessing major bank services; This allegedly pushed the Trumps to enter the cryptocurrency industry.

“For this reason, [my family] Trump Jr. “We got into crypto saying, ‘Hey, this is the next great thing,’ we got into it out of necessity,” he said in an interview with CNBC last June.

JPMorgan shares fell nearly 5% last week even though the bank beat fourth-quarter earnings and revenue expectations on Tuesday.

Trump’s legal threat against JPMorgan comes as the president denied the claim in the same Truth Social post daily report In a statement made on Wednesday, it was stated that the president offered the position of chairman of the Federal Reserve to JPMorgan CEO Jamie Dimon during a meeting at the White House months ago.

According to the Journal’s report, Dimon took the offer as a joke.

Trump denied the report, emphasizing his reservations about Dimon and JPMorgan in his post.

“This statement is absolutely unfounded, there was never such an offer,” he wrote. “Why didn’t The Wall Street Journal call me and ask if such an offer had been made? I would have immediately told them ‘NO’ and that would have been the end of the story.”

The Journal and JPMorgan did not immediately respond to a request for comment sent outside normal business hours.

Current Fed Chairman Jerome Powell’s term ends May 15.