President Trump just dropped a legal bomb on one of the most powerful financial institutions in the world, and it is long overdue. On Friday, President Trump announced he is personally suing JPMorgan Chase for what he described as the illegal and unconstitutional debanking of him and his entire family. This is not some minor dispute over fees or paperwork. This is about ideological punishment and corporate power run completely out of control.
According to President Trump, JPMorgan Chase cut him off after January 6, not because of any crime, fraud, or financial misconduct, but because the bank did not like his politics. That is not risk management. That is political discrimination. In a modern economy, access to banking is not optional. You cannot run a business, pay employees, or function in society without it. When massive banks decide they can exile people financially based on beliefs, we are no longer talking about capitalism. We are talking about corporate authoritarianism.
Trump’s announcement came alongside a blistering response to a Wall Street Journal article claiming he offered JPMorgan CEO Jamie Dimon the job of Federal Reserve Chairman or Treasury Secretary. Trump flatly denied both claims and rightly called out the paper for failing to do basic fact checking. He made it clear that no such offers were ever made, and that if the Journal had bothered to ask, the answer would have been a simple no.
More importantly, Trump confirmed that the lawsuit against JPMorgan is coming within weeks and centers on the bank’s decision to debank him after the January 6 protest. He did not mince words, calling out the practice as improper and dangerous. He also pointed out the absurdity of the situation. A bank that refuses to do business with a former president over politics somehow had no issue banking Jeffrey Epstein for years.
That comparison matters.
As reported by Reuters, JPMorgan agreed to a $290 million settlement with Epstein’s victims after evidence showed the bank ignored internal warnings and red flags because Epstein was a valuable client. He remained a JPMorgan customer from 1998 to 2013, even after his 2006 arrest and later guilty plea. JPMorgan did not admit wrongdoing, but the facts are damning. Apparently, being involved in sex trafficking was less disqualifying than supporting President Trump.
This is why the lawsuit resonates far beyond Trump himself. If the largest banks can arbitrarily decide who is allowed to participate in the economy, no one is safe. Today it is Trump. Tomorrow it is any business owner, donor, church, or activist who steps out of line.
We bailed these banks out in 2008 and handed them unimaginable power. They repaid that favor by deciding they are the moral arbiters of society. President Trump is finally challenging that abuse head on.
Debanking someone for their beliefs is wrong. Full stop. And if it takes a former president to drag these financial giants into court and remind them they are not above the law, then so be it. This fight is not just justified, it is necessary.
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