Trump denies offering JPMorgan’s Dimon Fed chair role amid legal threats
Former US President Donald Trump has denied claims that he offered JPMorgan Chase CEO Jamie Dimon the role of Federal Reserve chair. Meanwhile, Dimon has made it clear he has no interest in leading the central bank. The exchange comes as Trump weighs replacements for current Fed Chair Jerome Powell, whose term is set to end in 2026.
Separately, Trump has announced plans to take legal action against JPMorgan Chase over allegations of debanking him.
In a recent interview, Trump dismissed reports that he had approached Dimon to head the Federal Reserve. Dimon himself shut down the idea, stating there was 'no way, no how' he would accept the position. However, he left the door open to another potential role, saying he would consider running the Treasury if formally offered the job.
Dimon also stressed the importance of maintaining the Fed’s independence. He warned that political interference could destabilise inflation and interest rates, leading to broader economic risks. Trump, meanwhile, has not yet named his preferred candidate to replace Jerome Powell. As of January 2026, he was still reviewing options, including former Fed governor Kevin Warsh and ex-National Economic Council director Kevin Hassett. Despite this, he claimed to have a specific person in mind for the role. The tension between Trump and JPMorgan Chase has escalated further. The former president accused the bank of debanking him and announced plans to sue. Dimon previously stated that JPMorgan does not cut ties with clients based on political or religious views, though he did not address Trump’s case directly.
The back-and-forth between Trump and Dimon highlights ongoing debates about Fed independence and political influence over financial institutions. With Trump’s legal threat against JPMorgan and his search for a new Fed chair, the dispute is likely to remain in the spotlight.
Dimon’s firm stance on the Fed role contrasts with his openness to a Treasury position, leaving questions about his future in public service unanswered.
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