WATCH: Trump ‘considering’ lawsuit against Fed chair
President Donald Trump is “considering” suing the chairman of the Federal Reserve Jerome Powell.
Trump said he is allowing the lawsuit to proceed because of recent construction on the Federal Reserve’s building in Washington, D.C.
“Fortunately, the economy is sooo good that we’ve blown through Powell and the complacent Board,” Trump wrote in a social media post on Tuesday.
“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,” he added.
White House Press Secretary Karoline Leavitt confirmed Trump was looking into a lawsuit against the chairman at a press briefing on Tuesday, but did not provide further information on the legal action.
“At this moment in time, the president is considering a lawsuit against the Fed and I will leave it to him to comment further on it,” Leavitt said.
In a social media post, Trump cited recent renovations to the Federal Reserve building in Washington, D.C., as cause for the lawsuit.
Renovations to the building are anticipated to cost $2.5 billion. Trump said the renovations should have been a “$50 Million Dollar fix up.”
In July, Rep. Anna Paulina Luna, R-Fla., referred Powell for a criminal investigation over his June testimony about the scope of renovations to the Federal Reserve building.
“Chairman Powell knowingly misled both Congress and executive branch officials about the true nature of a taxpayer-funded project. Lying under oath is a serious offense— especially from someone tasked with overseeing our monetary system and public trust,” Luna said.
Since Luna’s referral, the Federal Reserve released updated information clarifying Powell’s statements.
“The project will reduce costs over time by allowing the Board to consolidate most of its operations,” the reserve’s website reads.
“It involves a complete overhaul and modernization that preserves two historic buildings that have not been comprehensively renovated since their construction in the 1930s.”
Trump toured the renovations to the Federal Reserve with Powell last month.
Trump has also repeatedly criticized Powell for not lowering interest rates, the Center Square previously reported. Powell’s term as chair of the Federal Reserve ends in May 2026.
“Jerome ‘Too Late’ Powell must NOW lower the rate,” Trump wrote on social media. “The damage he has done by always being Too Late is incalculable.”
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