Washington, D.C. — President Donald Trump on Monday revived his threat to sue Federal Reserve Chair Jerome Powell, accusing him of “gross incompetence” while criticizing the cost of renovations to the central bank’s headquarters.
Speaking at a press conference alongside Israeli Prime Minister Benjamin Netanyahu, Trump claimed the renovation project involved “small buildings” that should not have required extensive spending. He argued the cost overruns reflected mismanagement by Powell, calling the project “his baby” and repeating personal attacks on the Fed chair’s leadership. Trump has previously floated legal action against Powell but has not outlined a clear legal theory for such a lawsuit.
Powell, who was first nominated to lead the Federal Reserve by Trump during his initial term and later renominated by former President Joe Biden, has pushed back on claims of runaway spending. The Federal Reserve has publicly stated that the renovation project was approved in 2017 and has been subject to annual budget reviews by the Fed’s Board of Governors, noting that rising costs were driven by security upgrades, material prices, and long-term maintenance needs.
Trump also reiterated his frustration with Powell’s continued tenure, saying the Fed chair “should resign” and suggesting he would like to fire him, even as Powell’s term is set to expire in May. While Trump has periodically threatened removal, he has acknowledged the legal and institutional limits on presidential authority over the independent central bank.
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