Trump Accuses Dimon of Lying About Fed Chair Offer, Declares Him Unfit for the Job
Former President Trump just lobbed a grenade into the financial establishment, claiming Jamie Dimon fabricated a story about being offered the Federal Reserve chairmanship. The accusation cuts straight to the heart of Wall Street's credibility—or lack thereof.
The Allegation
Trump's statement bypasses diplomatic niceties entirely. He didn't just deny the offer; he labeled the JPMorgan Chase CEO a liar and declared him fundamentally unqualified for the nation's top monetary policy role. It's a direct challenge to the narrative often spun by banking titans.
Credibility on the Line
This isn't a minor squabble. It pits political power against financial power, with the truth of a high-stakes appointment hanging in the balance. For the markets, it raises messy questions about trust and the stories told in boardrooms and on trading floors.
Dimon's position as Wall Street's de facto spokesman makes this more than personal—it's a shot across the bow of the entire old-guard finance club. The timing, as always in politics, feels calculated for maximum disruption.
One thing's clear: when the political and financial elites start publicly calling each other liars, it's just another Tuesday for the rest of us watching our portfolios bounce on their drama. Some things, like banker credibility, never seem to go to the moon.
Trump plans lawsuit against JPMorgan over account closure
Trump also said he will sue JPMorgan Chase for shutting down his accounts after January 6th, calling it “inappropriate and incorrect debanking.” He said the protest was justified and added, “The Election was RIGGED!” The lawsuit, he said, will be filed within two weeks.
Back in August 2025, Trump signed an executive order telling banks they can’t reject clients based on their political or religious views. He has said banks have targeted him personally.
In an interview with CNBC, Trump said JPMorgan Chase and Bank of America both refused to take his deposits after his first term ended. He gave no proof but said it was all political.
JPMorgan responded by saying they don’t shut accounts over political beliefs. Bank of America wouldn’t comment on individual clients but said they would welcome clearer rules from regulators.
This isn’t the first time Trump and his family have called out banks. Last year, Donald Trump Jr. said they had trouble accessing regular banking services. That, he said, is what pushed them into crypto. “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,” Donny Jr. said.
Now Trump is going after JPMorgan in court, but he’s also been going after the banks in policy. He wants a hard cap on credit card interest rates at 10%.
The banking sector reacted fast. JPMorgan shares dropped around 5% over the last week, even though the company beat expectations in its latest earnings report. Other major bank stocks also fell after Trump gave them until January 20 to comply.
The Wall Street Journal had claimed Trump offered the Federal Reserve job to Jamie during a meeting at the WHITE House months ago. Jerome Powell’s current Fed chair term ends on May 15,.
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