President Donald Trump issued a fierce denial Saturday that he offered JPMorgan Chase CEO Jamie Dimon the Federal Reserve chairmanship, announcing plans to sue the banking giant over allegations it closed his accounts following the January 6, 2021, Capitol riot.
Trump used his Truth Social platform to attack a Wall Street Journal article he claims falsely reported he offered Dimon the position of Federal Reserve chairman.
"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," Trump wrote.
Donald J. Trump Truth Social Post 11:13 AM EST 01.17.26
— Commentary Donald J. Trump Posts From Truth Social (@TrumpDailyPosts) January 17, 2026
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…
The president criticized the Journal for not contacting him to verify the story before publication, saying he would have quickly told them "NO" and ended speculation.
Trump also addressed rumors about offering Dimon the Treasury Secretary position, stating no such offer was made or considered. He emphasized his satisfaction with current Treasury Secretary Scott Bessent, calling him "A SUPERSTAR."
Dimon Rejects Fed Position, Defends Central Bank Independence
Just days before Trump’s statement, Dimon emphatically rejected any possibility of leading the Federal Reserve during a U.S. Chamber of Commerce event Thursday.
“Chairman of the Fed, I’d put in the absolutely, positively no chance, no way, no how, for any reason,” Dimon told attendees. “I would so much more prefer this job than that job. That’s a hard job, but I don’t want to do that job.”
When asked about potentially serving as Treasury Secretary, Dimon took a more measured approach, saying he would “take the call” if a president asked, though he made clear he has no plans to leave JPMorgan where he’s been CEO for nearly 20 years.
Dimon has been vocal about defending Federal Reserve independence, warning that political interference could backfire by driving interest rates higher rather than lower. During JPMorgan’s fourth-quarter earnings call Tuesday, he cautioned that “anything that chips away at that is probably not a great idea” and would “have the reverse consequences.”
History of Debanking Claims and Legal Actions
Trump has repeatedly claimed that major banks discriminated against him and other conservatives, though banks deny these allegations.
In August 2025, Trump told CNBC that JPMorgan Chase gave him 20 days to move “hundreds of millions of dollars in cash” to another bank. He then claimed Bank of America refused to let him “deposit a billion dollars-plus.”
The Trump Organization sued Capital One in March 2025, alleging the bank closed more than 300 accounts shortly after January 6, 2021, “because it believed that the political tide at the moment favored doing so.” Capital One denied the accusations and filed to dismiss the lawsuit, calling the political discrimination claims “false.”
Florida Attorney General James Uthmeier launched an investigation into JPMorgan in November 2025 over allegations the bank “debanked” Trump Media & Technology Group while coordinating with the Biden Justice Department’s “Arctic Frost” investigation. Trump Media CEO Devin Nunes questioned how JPMorgan could have acted based on January 6, when the company didn’t exist on that date.
JPMorgan has consistently denied closing accounts for political reasons. A bank spokesperson said the institution “follows the law in responding to subpoenas from the government” and supports efforts to address broken policies that encouraged banks to be “overly cautious.”
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