Former President Donald Trump has publicly and forcefully denied a report from The Wall Street Journal claiming he offered JPMorgan Chase CEO Jamie Dimon the position of Federal Reserve Chair. In a post on Truth Social on Saturday, January 17, 2026, Trump stated, "There was never such an offer," and criticized the publication for not verifying the story with him directly. He called the claim "false" and accused Dimon of pretending the alleged meeting was a joke.
Trump escalated the conflict by announcing plans to file a lawsuit against JPMorgan Chase within two weeks. He alleges the bank engaged in "inappropriate and incorrect debanking" by closing his accounts following the January 6th Capitol protest, which he called "justified." This legal threat is part of a broader political clash with major financial institutions, which Trump claims have targeted him for his political views.
The former president's stance is backed by an executive order he signed in August 2025, which prohibits banks from rejecting clients based on political or religious beliefs. In a CNBC interview, Trump also claimed Bank of America refused his deposits after his first term, though he provided no evidence. Both banks have denied acting on political grounds.
The controversy has immediate financial repercussions. JPMorgan's stock fell approximately 5% over the past week, despite positive earnings, following Trump's policy threats, including a proposed hard cap on credit card interest rates at 10%. Other major bank stocks also declined.
This incident underscores the ongoing tension between Trump, Wall Street, and financial regulation. It also highlights how his family's reported difficulties with traditional banking services pushed them toward cryptocurrency, as stated by Donald Trump Jr. last year.
