JPMorganChase CEO Jamie Dimon on Sunday discussed how he supports reform to change rules around “debanking” when asked about Trump Media’s loss of banking services.
Dimon appeared on Sunday Morning Futures with Maria Bartiromo to address claims from former congressman Devin Nunes, the chief executive of Trump Media, who said that the government subpoenaed “our bank records at Trump Media” during an investigation into Trump’s actions regarding the 2020 presidential election.
Nunes said in the clip that played on the show, “I have seen Jamie Dimon and others at JPMorgan say this over and over again that they don’t debank people for political reasons. Well, then why the hell did you debank Trump Media?”
“People have to grow up here, OK, and stop making up things and stuff like that,” Dimon retorted.
“I can’t talk about an individual account. We do not… debank people for religious or political affiliations,” he continued.
Dimon clarified that the bank does end services to people who “have religious and political affiliation,” but that is the not the reason for those people to be debanked.
“We debank people who are Democrats. We debank people who are Republicans. We have debanked different religious folks. Never was that for that reason,” he said.
In August, Trump complained that the Biden-Harris administration pushed banks to “destroy” Trump and debank conservatives.
Trump explained:
I believe that Biden or Kamala — and I don’t think they’re smart enough to do it — but the people that are surrounding the beautiful Resolute Desk, you know, the high-IQ people that are radical left, I believe they told the Banking Commission — the banking regulators — do everything you can to destroy Trump, and that’s what they did.
Dimon emphasized that the company only hands over private information if it is compelled by subpoena, saying, “We don’t give information to the government just because they ask. We’re subpoenaed. We are required by court to give it to the government. And I have been following subpoenas with this administration, the last administration, the administration before that, and the one before that. And I don’t agree with a lot of it.”
Dimon cheered the Trump administration for working to address the issue of debanking.
“I want to change these rules. I actually applaud the Trump administration, who’s trying to say that debanking is bad and we should change the rules. Well, damn it, I have been asking to change the rules now for 15 years. So change the rules.”
The Office of the Comptroller of the Currency (OCC) in September announced actions to end “unlawful debanking” in the federal banking system. Senate Banking Committee Chairman Tim Scott (R-SC) and other Senate Republicans have proposed legislation that would seek to reform the Bank Secrecy Act, a law that lawmakers say has played a role in debanking.
Editor’s Note: Headline and piece have been adjusted to more accurately reflect the interview.
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