Trump considers ‘major lawsuit’ against Powell over renovations, again urges rate cut
Trump criticised Jerome Powell’s handling of the central bank’s renovation and called him ‘complacent’ for not cutting interest rates
US President Donald Trump said he is considering allowing a lawsuit to proceed against Federal Reserve Chair Jerome Powell over the renovation of the central bank’s headquarters, a project whose cost overruns have drawn scrutiny.
Trump, in a social media post on Tuesday, resumed his criticism of the Fed chair over the central bank’s decision to hold interest rates steady and again hammered Powell over the renovation work.
“The damage he has done by always being Too Late is incalculable. Fortunately, the economy is sooo good that we’ve blown through Powell and the complacent Board,” Trump said.
“I am, though, considering allowing a major lawsuit against Powell to proceed because of the horrible, and grossly incompetent, job he has done in managing the construction of the Fed Buildings.”
Trump did not specify which lawsuit he was referring to in his post.
Trump has repeatedly lashed out at Powell this year over the Fed’s decisions to keep interest rates steady since its last cut in December.