Trumpt threatens to sue JPMorgan Chase for “unbanking” him

President Donald Trump threatened legal action Saturday JPMorgan Chase for allegedly “unbanking” him following the January 6, 2021 riot at the United States Capitol.

“I will be suing JPMorgan Chase for the next two weeks for improperly and inappropriately DISCOVERING me after the January 6th protest, a protest that was proven correct by those protesting,” Trump said in a social media post. “The elections were rigged!”

JPMorgan and the White House did not immediately respond to CNBC’s request for comment.

In August, Trump signed an executive order requiring banks to ensure they are not denying financial services to customers based on their religious or political beliefs, a practice known as “debanking.”

Trump claimed in a CNBC interview in August, without providing evidence, that he had personally been discriminated against by banks. He said JPMorgan Chase and Bank of America refused to accept his deposits after his first term.

At the time, JPMorgan said it does not close accounts for political reasons, while Bank of America said it does not comment on its clients’ affairs. BofA also said it would welcome clearer rules from regulators on how to conduct business.

Trump and his family have a history of lashing out at financial institutions for allegedly refusing to work with them because of their political leanings.

Last year, Donald Trump Jr. said his family was having difficulty accessing services from major banks – a situation that reportedly prompted the Trumps to enter the cryptocurrency industry.

“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,” Trump Jr. told CNBC in an interview last June.

JPMorgan shares have fallen about 5% over the past week, even after the bank beat fourth-quarter earnings and revenue expectations on Tuesday.

Trump’s legal threat against JPMorgan comes as the president, in the same Truth Social article, denied a Journal report Wednesday that the president had offered JPMorgan CEO Jamie Dimon the job of Federal Reserve chairman months ago during a meeting at the White House.

Dimon took the proposal as a joke, according to the Journal.

In his message, Trump denied this information, emphasizing his reservations regarding Dimon and JPMorgan.

“This statement is completely false, there has never been such an offer,” he wrote. “Why wouldn’t the Wall Street Journal have called me and asked whether or not such an offer had been made? I would have quickly told them ‘NO’ and that would have been the end of the story.”

The Journal and JPMorgan did not immediately respond to a request for comment sent outside of normal business hours.

The term of current Fed Chairman Jerome Powell ends on May 15.