President Donald Trump escalated his long-running dispute with JPMorgan Chase on Saturday, threatening to sue the banking giant over the closure of his accounts following the January 6 Capitol riots.
Trump said he plans to file a lawsuit within the next two weeks, accusing the bank of "incorrectly and inappropriately DEBANKING me" after a protest he claims was justified.
The move marks a sharp intensification of a feud that began years ago, after Trump left office in 2021 and JPMorgan ended its decades-long relationship with him.
According to the NY Post, Trump said the bank gave him only 20 days to move hundreds of millions of dollars, a situation he has repeatedly described as politically motivated.
"The Election was RIGGED!" he wrote on his social media platform Truth Social, linking the account closures to broader election grievances.
JPMorgan spokesperson Trish Wexler responded, saying the bank does not close accounts based on political beliefs.
"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," she said.
The account closures followed pressure from Biden administration regulators, including the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve.
Officials warned banks that continuing to do business with controversial figures could increase "reputational risk" and expose financial institutions to heightened scrutiny, even if no criminal wrongdoing occurred.
Trump threatens to sue JPMorgan Chase for ‘debanking’ after Jan. 6 Capitol riots under Biden admin pressure https://t.co/rRxMl8fHun pic.twitter.com/aEHx1Tojfg
— New York Post (@nypost) January 17, 2026
Donald Trump Claims JPMorgan Blocked Deposits
Trump has consistently described these actions as financial punishment. In previous interviews, he claimed that both JPMorgan and Bank of America refused to handle his deposits after his term, prompting the Trump family to explore cryptocurrency as an alternative.
"So, [my family] got into crypto, not because it was like, 'hey, this is the next cool thing,' we got into it out of necessity," Donald Trump Jr. told sources last June.
The controversy comes as the White House is pushing proposals to cap credit card interest rates at 10% for a year—a measure JPMorgan executives warn could restrict credit access and hurt consumers, CNBC reported.
Trump's legal threats coincide with broader tensions between the banking sector and the former president, who has often criticized financial institutions for allegedly treating him unfairly due to his political stance.
Trump also addressed a Wall Street Journal report claiming he offered JPMorgan CEO Jamie Dimon the Federal Reserve chairmanship.
He dismissed the claim as "totally untrue," stating, "There was never such an offer. Why wouldn't The Wall Street Journal call me to ask whether or not such an offer was made?"
JPMorgan shares have fallen about 5% over the past week amid uncertainty over regulatory proposals and Trump's accusations.
Originally published on vcpost.com
