JPMorgan Accused of Political De-Banking; Denies Bias, Cites Compliance

The Florida attorney general has launched a probe into JPMorgan Chase, alleging the banking giant engaged in politically motivated "shadow de-banking" operations against conservative entities, including Trump Media & Technology Group (TMTG). The investigation, announced by Republican Attorney General James Uthmeier, centers on claims that JPMorgan cooperated with the Biden administration's Operation Arctic Frost - a DOJ inquiry into the 2020 election's "fake electors" scheme - to suppress political adversaries.

Uthmeier accused JPMorgan of providing sensitive banking information to the DOJ without probable cause and terminating TMTG's accounts shortly after a March 2024 merger. "JPMC began questioning TMTG officials about transactions from years prior, insisting it was due diligence," he stated, adding that the timing of the account closures "raises obvious, troubling questions" according to the AG's office. The AG's office revealed a subpoena issued by the Biden-era DOJ on March 28, 2023, demanding any and all records of TMTG, including data predating the company's incorporation.

JPMorgan has not directly addressed the allegations but emphasized its commitment to complying with legal requests. A spokesperson told The Daily Wire, "We have not debanked anyone because of political or religious relationships, period," while CEO Jamie Dimon noted in a January interview that "rules like the Bank Secrecy Act discourage banks from dealing with high-risk customers" according to CNBC reporting.

The probe has drawn scrutiny for its potential political motivations. Uthmeier, a Trump-endorsed candidate for reelection, framed the investigation as a response to "unsubstantiated claims" of systemic de-banking against conservatives. However, data from the Consumer Financial Protection Bureau shows that less than 1% of account closure complaints over 13 years cited political or religious bias. Critics argue the allegations lack evidence, with ProPublica reporting that Trump's family business previously sued Capital One for alleged "political discrimination" without providing proof.

Separately, JPMorgan faces unrelated scrutiny over its historical ties to Jeffrey Epstein. In a separate but similarly contentious development, President Trump has called on the DOJ to investigate the bank's relationships with Epstein, Bill Clinton, and others. JPMorgan settled lawsuits in 2023 for $365 million over its role in facilitating Epstein's sex trafficking operations but denied complicity in his crimes.

The Florida investigation underscores growing tensions between political figures and financial institutions. While Uthmeier insists the probe is about accountability, critics view it as part of a broader pattern of politically driven regulatory actions. As the case unfolds, JPMorgan's defense of its legal compliance practices - and the broader debate over de-banking claims - will likely remain at the forefront of the national conversation. According to MSNBC reporting.