JPMorgan Faces Allegations of Politically Motivated Account Closures; Refutes Claims, Points to Regulatory Requirements
- Florida AG James Uthmeier probes JPMorgan for alleged politically motivated "shadow de-banking" targeting conservative entities like Trump Media . - Investigation claims JPMorgan shared TMTG banking data with DOJ and closed accounts after a 2024 merger, citing a 2023 subpoena demanding pre-incorporation records. - JPMorgan denies political bias, emphasizing compliance with legal requests while critics highlight lack of evidence and CFPB data showing minimal political bias in account closures. - Probe ove
Florida's attorney general has initiated an investigation into
Uthmeier claims JPMorgan handed over confidential banking records to the DOJ without sufficient justification and closed TMTG's accounts soon after a merger in March 2024. "JPMC started interrogating TMTG representatives about older transactions, claiming it was standard due diligence," he said, noting that the timing of the account shutdowns "raises clear and concerning issues"
JPMorgan has not directly responded to the accusations but has stressed its adherence to legal obligations. A company spokesperson told The Daily Wire, "We have never closed accounts due to political or religious affiliations, period," while CEO Jamie Dimon remarked in a January interview that "regulations like the Bank Secrecy Act make banks cautious about engaging with high-risk clients"
The investigation has faced criticism over its possible political motivations. Uthmeier, who is seeking reelection with Trump's endorsement, described the probe as a reaction to "unproven allegations" of widespread de-banking of conservatives. However,
In a separate matter, JPMorgan is also under scrutiny for its past connections to Jeffrey Epstein. In another controversial development, former President Trump has urged the DOJ to look into the bank's dealings with Epstein, Bill Clinton, and others.
The Florida probe highlights the escalating friction between political leaders and major banks. While Uthmeier maintains that the investigation is about ensuring accountability, opponents see it as part of a larger trend of politically motivated regulatory moves. As
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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