NEW: Trump To Sue JPMorgan Chase Over Submit-J6 Debanking
President Donald Trump announced Saturday that he will be taking legal action against JPMorgan Chase after the company took action against his accounts following the January 6 Capitol protests in 2021.
The lawsuit, which Trump stated would be initiated within the next two weeks, centers on claims of “debanking,” a term referring to the denial or restriction of banking services. The actions outlined by Trump were taken not long after the Capitol protests.
Following the protests, several financial institutions, including JPMorgan Chase, reportedly reviewed their relationships clients who may have been involved. Trump has claimed that JPMorgan Chase closed his personal and organizational accounts, providing him with only 20 days to transfer hundreds of millions of dollars.
According to an August 2025 report from the New York Post, the Biden Administration’s banking regulators and the Federal Reserve pressured major financial firms to take action. The pressure resulted in tens of millions of dollars in Trump’s holdings being kicked off the JPMorgan banking platform, and later to a denial of access to Bank of America’s banking services.
Specifically, the firms were warned that they could be found in violation of a rule that prohibits financial institutions from doing business with individuals and companies who present a “reputational risk.” Senior officials at the banks told The Post that Biden regulators with the Office of the Comptroller of the Currency, the FDIC and the Federal Reserve often use the “nebulous nature of the edict” to expand upon debunking drug kingpins and criminals to target the administration’s political opponents going forward.
The firms were pressured to debank the then-former president, conservative leaders and anyone who participated in the January 6 Capitol protests.
“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,” one banking executive with direct knowledge of the situation told the New York Post. An executive at JPMorgan told the outlet that regulators “put the fear of God in you if you did business” with people like Trump.
JPMorgan Chase Chairman Jamie Dimon speaks at the World Economic Forum in Davos, Switzerland in 2013
Photo: World Economic Forum
Trump announced his lawsuit against the financial giant in response to reports that he was considering Jamie Dimon, the firm’s longtime chief executive, as the next Federal Reserve chairman.
“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. This statement is totally untrue, there was never such an offer,” the president posted on Truth Social.
“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!” Trump added.
The president further chastised the Wall Street Journal, stating that he was not asked for comment on the Dimon story. “I would have very quickly told them, ‘NO,’ and that would have been the end of the story,” Trump wrote.