Donald Trump has announced he is suing JPMorgan Chase, accusing the financial organisation of debanking him.The US President accused JPMorgan of “incorrectly and inappropriately” taking action against him in the aftermath of the January 6 protests which took place in 2021.Mr Trump made the announcement as he rejected media claims JPMorgan CEO Jamie Dimon was being considered to head up the US Federal Reserve amid frictions between the US President and current chairman, Jerome Powell.The 79-year-old announced on his social media platform, Truth Social, that he will be instigating action in the next fortnight.
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He said: “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 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!”Why wouldn’t The Wall Street Journal call me to ask whether or not such an offer was made? I would have very quickly told them, “NO,” and that would have been the end of the story.”Mr Trump has previously claimed JPMorgan Chase gave him a deadline to move his money from accounts held with them in the aftermath of January 6. He said he also struggled to get Bank of America to accept deposits of his money.Responding to the President’s announcement, JPMorgan Chase spokeswoman Trish Wexler said the institution was supportive of the White House’s plans to protect Americans from being discriminated against when banking.She said: “Serving more than 80 million Americans is our privilege, and we agree that no one’s account should ever be closed because of political or religious beliefs.”We appreciate that this administration has moved to address political debanking, and we support those efforts.”Last year Mr Dimon rejected claims JPMorgan deliberately chose to debunk people because of their political beliefs.”We don’t debank people because of political or religious affiliations,” he explained.”But there are a lot of things that can be fixed. We should fix them.”The rules and requirements are so onerous, and it does cause people to be debanked in my opinion, should not be debated.”The bank’s CEO instead pointed the blame at US banking regulators, saying they were “pretty much” responsible for debating incidents in America.Mr Dimon has been vocal about President Trump’s policies over the past year, at times criticising his economic agenda.Earlier this week, he voiced support for the independence of the Federal Reserve, days after the Justice Department opened a criminal investigation into current chairman Jerome Powell.Mr Powell has found himself repeatedly at logger-heads with the Trump administration over his refusal to cut interest rates at the pace demanded by the President.The Federal Reserve chairman accused Department of Justice of launching the criminal investigation in the “broader context of the administration’s threats and ongoing pressure” over interest rates.He said: “The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president.”
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