Trump criticizes Powell's inefficiency during Federal Reserve office renovation process
Trump Threatens Lawsuit Against Jerome Powell Over Federal Reserve Renovation Costs
In a recent development, former US President Donald Trump has threatened to sue Federal Reserve Chairman Jerome Powell over the cost of renovating the Federal Reserve's historic headquarters in Washington, DC. The threat was posted on Truth Social on Tuesday [1].
The renovation project, initially estimated at $1.9 billion, is now expected to reach about $2.5 billion, causing financial concerns for many, including Trump. This issue has been a point of public contention since the renovation plans were first announced, but there is no indication yet that a formal lawsuit has been filed [1].
Trump's criticism of Powell's policies and actions as Fed Chair extends beyond the renovation costs. He has been critical of Powell's interest rate decisions, claiming they are "too late," and has been pushing for steep rate cuts. However, Powell insists that decisions must be guided by economic data rather than political pressure [1].
Recent consumer inflation has risen 2.7% over the past year, above the Fed's 2% target, which typically discourages interest rate cuts. Federal Reserve officials worry that Trump's aggressive trade tariffs could fuel inflation [1].
The renovation project includes asbestos removal, structural repairs, and modernization of ventilation, plumbing, electrical, and fire detection systems. The project is necessary for safety and functionality, as neither building has had a full renovation since construction [1].
This is the latest escalation in Trump's ongoing campaign against Powell. Al-Jazeera reports that Trump has hinted at appointing a more compliant successor for Powell when his term as Fed Chairman ends in May 2026 [1].
Despite Trump's criticisms, the economy remains strong, with the Fed's leadership facing criticism from some Republican lawmakers over the rising costs of the renovation project, but Trump believes the damage caused by the Fed's decisions is incalculable [1].
[1] Source: Al-Jazeera, August 2025.
- In the realms of politics and policy-and-legislation, former U.S. President Donald Trump's ongoing campaign against Federal Reserve Chairman Jerome Powell extends beyond renovation costs, as he criticizes Powell's interest rate decisions and pushes for steep cuts.
- Amidst the backdrop of war-and-conflicts, crime-and-justice, general-news, and political debates, Trump's threat of a lawsuit against Powell over renovation costs is the latest escalation in their ongoing feud, with Trump hinting at appointing a more compliant successor for Powell when his term ends.
