Claims of Fed Chair Offer Dismissed as False
Former President Donald Trump vehemently denied claims that he offered the Federal Reserve chair position to JPMorgan Chase CEO Jamie Dimon. Trump stated on his social media platform, Truth Social, that the assertion was false and criticized The Wall Street Journal for publishing the report without verifying it with him.
"There was never such an offer," Trump wrote. "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." He further alleged that the meeting described in the report never occurred and accused Dimon of presenting it as a joke.
Trump also addressed a separate claim, stating, "Also, one was led to believe that I offered Jamie Dimon the job of Secretary of the Treasury, but that would be one that he would be very interested in. The problem is, I have Scott Bessent doing a fantastic job, A SUPERSTAR — Why would I give it to Jamie? No such offer was made there, or even thought of, either."
Lawsuit Planned Over Account Closure
In addition to refuting the Federal Reserve chair offer, Trump announced his intention to sue JPMorgan Chase for closing his accounts. He described the action as "inappropriate and incorrect debanking" and asserted that the January 6th Capitol protest was justified, claiming, "The Election was RIGGED!" Trump indicated that the lawsuit would be filed within two weeks.
This move follows Trump's August 2025 executive order, which aimed to prevent banks from rejecting clients based on their political or religious views. Trump has publicly stated that he believes banks have personally targeted him.
Previously, in an interview with CNBC, Trump claimed that both JPMorgan Chase and Bank of America refused to accept his deposits after his first term concluded, attributing these decisions to political motivations, although he provided no specific evidence.
JPMorgan Chase has maintained that they do not close accounts based on political beliefs. Bank of America declined to comment on specific client relationships but stated they would welcome clearer regulatory guidelines.
This is not the first instance of the Trump family expressing concerns about banking services. Last year, Donald Trump Jr. recounted difficulties in accessing standard banking services, which he stated led the family to explore cryptocurrency. "So, [my family] got into crypto, not because it was like, ‘hey, this is the next cool thing,’ we got into it out of necessity," he explained.
Beyond legal action against JPMorgan, Trump has also proposed policy changes targeting the banking sector, including a proposal for a hard cap on credit card interest rates at 10%.
Banking Sector Reaction
The banking industry has responded swiftly to Trump's actions and statements. JPMorgan shares reportedly fell by approximately 5% over the past week, despite the company exceeding expectations in its latest earnings report. Other major bank stocks also experienced declines following Trump's ultimatum to banks, giving them until January 20 to comply with his demands.
The Wall Street Journal's initial report claimed that Trump had offered the Federal Reserve job to Jamie Dimon during a White House meeting months prior. Jerome Powell's current term as Fed chair is set to end on May 15.