Trump calls Fed chair Powell a 'fool,' threatens lawsuit over headquarters renovation

Former President Donald Trump launched a scathing attack on Federal Reserve Chair Jerome Powell, accusing him of “gross incompetence” and threatening legal action regarding the renovation of the Federal Reserve’s headquarters. Speaking at a press conference, Trump repeatedly criticized Powell’s handling of interest rates and the escalating costs of the renovation project, claiming it could exceed $4 billion – a figure disputed by Powell himself. Trump contrasted the Fed’s renovation with his own White House ballroom project, stating his was under budget and ahead of schedule.

Trump reiterated his desire to fire Powell, alleging “mental problems” and suggesting he might still do so despite Powell’s term expiring in May 2026. However, the president lacks the authority to remove Powell except for cause. Powell has maintained he will complete his term, and his position as a board governor extends to January 2028.

The renovation project, initially estimated at $1.9 billion in 2019, has seen costs rise to nearly $2.5 billion due to increased material costs and the remediation of hazardous materials. Trump and Powell previously engaged in a tense exchange over the renovation costs during a tour of the site, with Powell correcting Trump’s figures and explaining the inclusion of previously completed renovations.

(Source：Fox Business)