Trump slams Jamie Dimon, JPMorgan. Why he plans to sue the bank.

“I’ll be suing JPMorgan Chase over the next two weeks for incorrectly and inappropriately DEBANKING me after the January 6th Protest," Trump wrote on Truth Social.

The White House and JPMorgan Chase didn’t immediately respond to a request for comment.

The president signed an executive order last August requiring banks to ensure they aren’t refusing financial services to clients based on religious or political beliefs. The order appeared to stem his from own gripes about the banking system.

Just days before signing the order, Trump alleged that both JPMorgan and Bank of America had rejected him as a customer, saying JPMorgan had closed his accounts after decades of banking with the company.

Both banks previously told Barron’s they never close people’s accounts for political reasons.

In the same Truth Social post Saturday, Trump also denied rumors he’d offered Dimon the position of Federal Reserve Chair.

“The problem is, I have Scott Bessent doing a fantastic job, A SUPERSTAR — Why would I give it to Jamie?" Trump proclaimed, referencing the Treasury Secretary. “No such offer was made there, or even thought of, either."

Earlier this week, Dimon himself said he would never consider the position.

“Absolutely, positively no chance, no way, no how, for any reason," the CEO said at an event held by the U.S. Commerce Department on Jan. 15. He indicated he was open to the role of Treasury Secretary instead.

The topic of Fed independence has come increasingly into focus following Chair Jerome Powell’s public disclosure that the Justice Department had served the central bank with grand jury subpoenas.

In a televised message on Jan. 11, Powell said the Justice Department had threatened a criminal indictment related to his testimony concerning, in part, a project to renovate Federal Reserve office buildings.

The investigation stems from the Fed’s refusal to cut interest rates, rather than bending to the will of the president, Powell alleged. He denied all wrongdoing.

“Public service sometimes requires standing firm in the face of threats," Powell said. “I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people."

A spokesperson for Attorney General Pam Bondi said that Bondi “has instructed her U.S. Attorneys to prioritize investigating any abuse of taxpayer dollars."

Addressing investors JPMorgan’s fourth-quarter earnings call Tuesday, Dimon said he had “enormous respect" for the Fed chair, though he made sure not to align himself with all of the central bank’s policy, especially around banking regulation.

“Everyone we know believes in Fed independence," Dimon said. “Anything that chips away at that is probably not a great idea—and, in my view, will have the reverse consequences. It’ll raise inflation expectations and probably increase rates over time."

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com