Trump threatens to sue JPMorgan Chase for – Business News
President Trump escalated his feud with JPMorgan Chase, threatening Saturday to sue the banking behemoth within the subsequent two weeks for “debanking” him after the Jan. 6 Capitol riots beneath stress from the Biden administration.
JPMorgan “incorrectly and inappropriately DEBANKED” Trump abruptly closing his accounts after decades-long ties and giving him simply weeks to transfer his money, he wrote Saturday on his Truth Social.
President Trump escalated his feud with JPMorgan Chase, threatening Saturday to sue the banking behemoth within the subsequent two weeks for “debanking” him after the Jan. 6 Capitol riots beneath stress from the Biden administration. REUTERS
The risk comes as JPMorgan has emerged as one of essentially the most vocal critics of the Trump Justice Department’s legal probe into Federal Reserve Chair Jerome Powell, with Dimon warning that undermining the Fed’s independence might backfire by raising inflation expectations and rates of interest.
At the identical time, the White House has taken goal at banks’ income, pushing a proposal to cap credit card rates of interest at 10% for a yr — a transfer JPMorgan executives have warned might prohibit entry to credit and damage shoppers.
Tensions have been additional infected by a Wall Street Journal report claiming Trump had floated JPMorgan CEO Jamie Dimon as a potential Fed chair, a declare Trump dismissed as “totally untrue,” insisting no such offer was ever made and accusing the paper of shoddy fact-checking.
