OPINION:
JPMorgan Chase, the nation’s largest bank, in response to a lawsuit filed by President Trump, finally acknowledged that yes, yes, indeed, its executives did actually shut down his personal and business accounts — more than 50 of them — in the weeks and months that followed his first White House term.
This has all the earmarks of a political move. And that’s what makes it chilling for all Americans.
If banks can get by with closing the accounts of those with whom they disagree politically, then America’s entire constitutional system is in jeopardy. America is a democratic-republic, run by law and order and grounded in a concept of limited governance; from that, springs a free market. Businesses have no business butting into politics as a means of controlling how the population votes and how politicians govern.
The fact that JPMorgan has yet to specify a reason for these closures is telling because it suggests politics was indeed at play. After all, if there were valid reasons for closing dozens of Trump’s personal and business accounts, including those for his hotels, his retail and his housing developments, why wouldn’t JPMorgan just state them?
Instead, this is what the bank, in an unsigned — and why unsigned? — memo to Trump dated Feb. 19, 2021, has said so far: “[Trump needs to] find a more suitable institution with which to conduct business.” As an added kick, the letter-writer also wrapped by copy-catting one of Trump’s own favored phrases — i.e., “Thank you for your prompt attention to this matter,” the memo finished.
One can almost see the smarmy smile on the unidentified coward’s face.
“JPMorgan says it closed Trump’s bank accounts a month after Jan. 6 attack,” Reuters wrote, noting the timeline of events.
The politics are obvious.
Trump, thankfully, isn’t letting the issue drop. His attorneys have filed a $5 billion lawsuit against JPMorgan and CEO Jamie Dimon, as well. Among Trump’s allegations are that “without warning or provocation,” JPMorgan gave two months’ notice of intent to close all of his accounts.
“In essence,” the suit states, JPMorgan “debanked plaintiff’s accounts because it believed that the political tide at the moment favored doing so.”
This suit adds to the one the Trump Organization filed against Capital One a year ago for closing 300 accounts, once again, on the heels of Jan. 6; once again, no doubt, after the company believed the political tide of the time favored the debanking.
And that’s the problem with using political tides, rather than constitutional principle — or even better, biblical teachings — as a guide. Political tides always change. The Constitution and Bible? Not so much.
And now the political winds have shifted to show that businesses that strayed from their proper lanes by inflicting punishments on those they deemed unworthy have seriously overreached. It’s time for a course correction. It’s not just about Trump; it’s about the proper roles of government, business and citizens and in American society. It’s about the proper priorities and the real holders of the keys of power.
If JPMorgan and Capital One and other financial institutions can get by with cutting ties with someone of Trump’s stature for political reasons, imagine the fate of the everyday American citizen, bereft of the prestige of presidents and former presidents.
America is not an oligarchy.
Americans, by birth, are endowed with rights and freedoms and privileges from God, and therefore, do not bow down to bureaucrats, political servants, company executives or anyone claiming the authority to strip basic human and civil rights from the individual, for the good of the collective or as a means of punishing political opponents. Banking is a service industry, and its only principled stand should be to refuse those who seek to abuse and exploit its services for criminal and illegal gain. Other than that — banks should shut up and serve.
Trying to stifle Trump because of politics is a slap in the face to everything for which America stands, as well as a disturbing warning for all Americans.
The $5 billion actually seems low.
• Cheryl Chumley can be reached at cchumley@washingtontimes.com or on Twitter, @ckchumley. Listen to her podcast “Bold and Blunt” by clicking HERE. And never miss her column; subscribe to her newsletter and podcast by clicking HERE. Her latest book, “God-Given Or Bust: Defeating Marxism and Saving America With Biblical Truths,” is available by clicking HERE.
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