Jan 23 – U.S. President Donald Trump has filed a sweeping $5 billion lawsuit against JPMorgan (JPM.N) Chase and its longtime chief executive Jamie Dimon, accusing the banking giant of unlawfully shutting down his accounts for political reasons. The legal action has added fresh fuel to an already heated national debate over alleged “debanking,” a term used to describe when banks deny or withdraw services from individuals or businesses they view as risky, controversial, or politically sensitive.
The lawsuit, submitted to a Florida state court in Miami-Dade County, claims that JPMorgan deliberately targeted Trump and related business entities, not due to financial or regulatory concerns, but to align itself with what the filing describes as a prevailing political climate. JPMorgan has strongly rejected the accusations, stating that the case is without legal merit and that the bank does not make decisions based on political or religious views.
The Lawsuit
According to the complaint, Trump argues that JPMorgan violated its own internal policies by singling him out and closing multiple accounts connected to him and his hospitality businesses. The filing alleges that these actions were taken to “ride the political tide,” suggesting the bank acted out of ideological motivation rather than standard risk management.
Trump further claims that the account closures caused serious reputational and financial harm. The lawsuit states that he and related entities were forced to approach other financial institutions to relocate their funds, a process that allegedly made it clear to potential lenders that they had already been cut off by one of the country’s most powerful banks. Trump argues that this effectively branded him as a financial outcast, making it more difficult to conduct routine business operations.
A particularly serious allegation in the lawsuit accuses Jamie Dimon of ordering the creation of a so-called blacklist. Trump claims this list was used to discourage other banks from doing business with him, his family members, and the Trump Organization. The complaint describes the alleged blacklist as malicious and intended to isolate Trump financially across the broader banking system.
JPMorgan has denied all such claims. In a public statement, the bank said it closes accounts only when they pose legal, regulatory, or compliance risks. The institution added that while it regrets the lawsuit has been filed, it respects Trump’s right to pursue legal action and will vigorously defend itself in court.
Trump, speaking to reporters aboard Air Force One later the same day, said he had not personally discussed the lawsuit with Dimon. He insisted that banks are not allowed to take the kind of actions he alleges JPMorgan took against him, calling the situation “so wrong.” He suggested that if the bank had an excuse, it might point to pressure from regulators, though he maintained that such justification would not make the actions lawful.
Growing Scrutiny
The lawsuit arrives at a time when claims of debanking are receiving heightened political and regulatory attention. Conservative politicians and business groups have increasingly accused major financial institutions of discriminating against certain customers and industries based on ideology rather than objective risk. These claims often focus on sectors such as firearms, fossil fuels, cryptocurrency, and politically connected individuals.
Trump has previously leveled similar accusations against other major lenders, including Bank of America. His administration has also pushed policies that have drawn sharp reactions from the financial industry, such as a proposal to cap credit card interest rates at 10%. Industry leaders have warned that such a cap could significantly restrict access to credit, particularly for higher-risk consumers.
Jamie Dimon addressed this issue during a global economic forum earlier this week, arguing that strict interest rate caps would reduce lending and could trigger serious economic consequences. Dimon, who has led JPMorgan for more than 20 years and remains one of the most influential figures in U.S. corporate life, has often spoken out on economic policy while attempting to keep the bank officially nonpartisan.
At the same time, many banking executives have welcomed broader efforts by the current administration to roll back regulations. Industry leaders argue that reduced red tape could improve profitability, strengthen balance sheets, and support economic growth. This contrast between calls for deregulation and accusations of politically motivated debanking has created a complex and often contradictory policy landscape.
Regulatory scrutiny has also intensified. In late 2025, a major U.S. banking regulator released a report examining the practices of the country’s largest banks between 2020 and 2023. The report found that several institutions had restricted or declined services to certain industries, sometimes requiring enhanced scrutiny. While the regulator did not cite specific violations, it noted that many banks had publicly disclosed restrictive policies linked to environmental, social, and governance considerations.
Industries affected by these policies included oil and gas producers, tobacco and e-cigarette companies, firearm manufacturers, and digital asset firms. Since then, many banks have scaled back or revised these practices, and regulators continue to review thousands of customer complaints related to alleged debanking.
JPMorgan has acknowledged that it is cooperating with government inquiries into its account policies, particularly as political pressure has increased. Regulators are also examining whether their own supervisory frameworks, including the use of “reputational risk” standards, may have unintentionally encouraged banks to avoid certain customers. Last year, federal agencies announced they would stop evaluating banks based on reputational risk alone, citing concerns that the standard was too vague and subjective.