In a recent declaration, former President Donald Trump announced his intention to initiate legal action against JPMorgan Chase. This move comes in response to the financial giant’s decision to close his account following the events of the January 6, 2021, Capitol riot.

Trump took to Truth Social to express his discontent, referencing a Wall Street Journal article that claimed he had offered JPMorgan Chase CEO Jamie Dimon the position of Federal Reserve Chairman. “A front page Article in The Fake News Wall Street Journal states, without any verification, that I offered Jamie Dimon, of JPMorgan Chase, the job of Fed Chairman,” Trump wrote, vehemently denying the report’s accuracy.

The former president further elaborated on his legal intentions, stating, “This statement is totally untrue, there was never such an offer and, in fact, I’ll be suing JPMorgan Chase over the next two weeks for incorrectly and inappropriately DEBANKING me after the January 6th Protest, a protest that turned out to be correct for those doing the protesting — The Election was RIGGED!”

In response to Trump’s allegations, a spokesperson for JPMorgan Chase, Trish Wexler, refuted the claims, emphasizing that the bank’s decision-making process is not influenced by political considerations. “We don’t close accounts because of politics,” Wexler clarified in a statement to The Hill.

“This statement is totally untrue, there was never such an offer and, in fact, I’ll be suing JPMorgan Chase over the next two weeks for incorrectly and inappropriately DEBANKING me after the January 6th Protest, a protest that turned out to be correct for those doing the protesting — The Election was RIGGED!” he added.

A company spokesperson denied the president’s claims.

“We don’t close accounts because of politics,” JPMorgan spokesperson Trish Wexler told The Hill. 

Last year, Trump signed an executive order directing regulators to investigate and punish financial institutions for “politicized or unlawful debanking.” 

Wexler told CNBC, “We appreciate that this Administration has moved to address political debanking and we support those efforts,” but denied reporting from The Wall Street Journal alleging Dimon had been offered a role at the Fed. 

“I should have been more vigilant in correcting that word while attempting to dispute the WSJ’s anonymous sources,” she told the outlet.

Earlier this week, Dimon discussed his thoughts on whether he would want to become the Fed chair.

“Chairman of the Fed, I’d put in the absolutely, positively no chance, no way, no how, for any reason,” Dimon told David Rubenstein on Thursday at an event held by the U.S. Chamber of Commerce. 

“Secretary of the Treasury, I would consider. You know, if a President calls you up and asks you to do something, you know, you should consider it. So I would take the call and consider it and think about why and what they want, etc. But what they want and how they want to operate, that would be important to me,” he added. 

But Saturday, he confirmed there was no official job offer from the Trump administration, the New York Post reported.

In recent months, the president has clashed with Fed Chair Jerome Powell often, criticizing him for not lowering interest rates at a faster pace that would be in line with the administration’s agenda. 

The Department of Justice (DOJ) recently launched an investigation of Powell regarding his testimony to Congress last year about renovations to the Fed’s headquarters. The Fed chair has denied wrongdoing and chalked up the probe as an attempt at intimidation. 

“The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President,” Powell said in a statement.

Powell’s term ends May 15. 

“I want to say that I don’t agree with everything the Fed has done,” Dimon noted during a call with reporters regarding fourth quarter results. “I do have enormous respect for … Powell, the man.”

He also told reporters “anything that chips away” at the independence of the central bank “is probably not a good idea,” in reference to the DOJ investigation, according to multiple reports.