President Donald Trump has announced that he plans to file a lawsuit against JPMorgan Chase within the next two weeks, accusing the financial giant of improperly cutting off his banking access in the aftermath of the January 6, 2021, Capitol protests.
The legal action centers on what Trump described as “debanking,” a practice in which banks deny or restrict services to individuals or organizations.
According to Trump, JPMorgan Chase closed both his personal and organizational accounts shortly after January 6, giving him just 20 days to move hundreds of millions of dollars.
Following the protests, multiple major financial institutions reportedly reassessed relationships with clients who may have been involved.
Trump has long argued that those reviews were politically motivated and coordinated with federal regulators.
Alleged Regulatory Pressure Under Biden
An August 2025 report from the New York Post claimed that banking regulators under the Biden administration, along with the Federal Reserve, pressured large financial firms to sever ties with Trump and other conservatives.
The report said tens of millions of dollars in Trump-related holdings were removed from JPMorgan’s platform and that he was later denied access to services at Bank of America.
According to the report, banks were warned they could be found in violation of rules barring business with individuals or entities deemed to pose a “reputational risk.”
Senior banking officials told the Post that regulators from the Office of the Comptroller of the Currency, the FDIC, and the Federal Reserve used what they described as the vague nature of those standards to expand enforcement beyond criminals to include political opponents of the administration.
One banking executive with direct knowledge of the situation told the Post:
“Think back to what it was like being Trump back in 2021; he was a hot potato after January 6, and the regulators made it clear to us that we shouldn’t do business with him.”
An executive at JPMorgan told the outlet that regulators “put the fear of God in you if you did business” with figures like Trump.
Lawsuit Announcement Follows Dimon Speculation
Trump publicly confirmed his intent to sue JPMorgan Chase after reports claimed he was considering Jamie Dimon, the bank’s longtime chief executive, for the role of Federal Reserve chairman.
Responding to the report, Trump disputed the claim and criticized the Wall Street Journal.
“A front page Article in The Fake News Wall Street Journal states, without any verification, that I offered Jamie Dimon, of JPMorgan Chase, the job of Fed Chairman,” Trump wrote on Truth Social.
“This statement is totally untrue, there was never such an offer.”
“And, in fact, 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 — The Election was RIGGED!” he added.
Trump also faulted the Wall Street Journal for failing to seek comment before publishing the story.
“I would have very quickly told them, ‘NO,’ and that would have been the end of the story,” the president wrote.
The forthcoming lawsuit is expected to renew scrutiny of the role major banks and federal regulators played in restricting financial access for Trump and other conservatives following January 6, and whether those actions crossed the line into politically driven punishment.
READ MORE – JPMorgan Sues Ex-Chicago Mayor Lori Lightfoot Over Unpaid Debt
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