WATCH: “We Have a Fool at the Federal Reserve” – Trump Announces Plans to Sue Fed Chair Jerome Powell for Gross Incompetence, Says he “Still Might” Fire Him

President Trump on Monday said he plans to sue Fed Chair Jerome Powell for gross incompetence over renovations at the Federal Reserve building, which have skyrocketed over budget.  

“He’s spending more money than any building has ever spent per square foot on the renovation,” Trump said. “Gorgeous monuments are built for a much smaller price.”

“So, we’re thinking about bringing a gross incompetence, what’s called gross incompetence, lawsuit. It’s gross incompetence against Powell, and that was his baby, and the guy’s just incompetent. There is nothing you can do about he’s just a very incompetent man,” Trump continued.

Trump previously visited the Federal Reserve construction site and confronted Powell about the cost of the renovation, which had increased from $1.9 billion to more than $2.5 billion, excluding earlier renovations, as of July. Powell previously told Trump that he did not expect additional cost overruns, but “we’re ready for them,” and “we have a little bit of a reserve that we may use.” Now, “he’s up to $4.1 billion,” Trump says.

Trump further said he “still might” fire Powell, whose term expires on January 31.

Trump was asked about his plans to appoint a new Federal Reserve Chairman, which he said will be announced in January, and he went off on “Too Late” Powell, calling him a “fool” for refusing to cut interest rates during the first six months of Trump’s second term. And the three rate cuts since August have been a meager 0.25%, despite better-than-expected GDP and massive tariff revenues, Trump said.

Conversely, Powell cut interest rates three consecutive times before the 2024 election, with a large .5% cut in September, and at the end of Biden’s term, despite inflation being above the Fed’s targeted 2%.

“he’s always too late with interest rates, except before the election, he was too early, because that would have helped. That was supposed to help get her elected. It had no impact. We won all seven swing states,” Trump told reporters.

Trump also compared Powell’s renovations at the Fed, which are “going to end up costing more than $4 billion,” he said, to his own White House Ball Room construction. “It’s a massive job,” Trump said.  “It’s a tiny fraction of that number, and we’re under budget and ahead of schedule,” he added, noting that it’s also bigger and better than he first announced.

“After realizing we’re going to do the inauguration in that building, it’s got all bulletproof glass. It’s got all drone– they call it drone-free roof. Drones won’t touch it. It’s a big, beautiful, safe building, but it’s, you know, it’s a big budget for a tiny fraction of that. We’re under budget and ahead of schedule, and they wanted it for 150 years.”

WATCH:

Transcript below:

Reporter: One of the big domestic tasks ahead of you is to take a new chairman for the Fed. You’ve said that you have one favorite, but you’re also doing interviews.

Trump: I do. Still do. Hasn’t changed. Yeah, I’ll announce them at the right time. There’s plenty of time. But in the meantime, we’re doing numbers that nobody’s ever seen. We have $18 trillion coming in. We had a 4.3% GDP. They thought it was going to be 2% and that’s despite the Democrat shutdown. Had the shutdown not occurred, we would have had an extra point and a quarter. Think of that. We are doing— and also, despite the fact that we have a fool at the Federal Reserve. I mean, Biden reappointed him, and it’s too bad. You would have thought he wouldn’t have done that, but he’s an absolute fool who’s building a new Federal Reserve or he’s doing a renovation of a building. Bibi, he’s up to $4.1 billion to do a renovation of a few very small buildings.

It’s the highest price in the history of construction. He’s spending more money than any building has ever spent per square foot on the renovation of— as an example, I’m doing a magnificent, big, beautiful ballroom that the country’s wanted, the White House has wanted for 150 years. It’s a massive job, and it’s a tiny fraction of that number, and we’re under budget and ahead of schedule. Now, it’s bigger than I told you. It’s, you know, after realizing we’re going to do the inauguration in that building, it’s got all bulletproof glass. It’s got all drone they call it drone free roof. Drones won’t touch it. It’s a big, it’s a big, beautiful, safe building, but it’s, you know, it’s a big budget for a tiny fraction of that. We’re under budget and ahead of schedule, and they wanted it for 150 years.

Think of it, the Federal Reserve building, two buildings there, they don’t know what they’re doing. They’re way over budget. I mean, almost this was built during the Biden administration, and I rode by it the other day, and it’s headed by the head of the Federal Reserve, Too Late, you know, Too Late Powell. Too late because he’s always too late with interest rates, except before the election, he was too early, because that would have helped. That was supposed to help get her elected. It had no impact. We won all seven swing states, but we’re thinking about bringing a suit against Powell for incompetence ,because think of it, these are two– these aren’t outstanding buildings; these are small buildings. He said, 4 billion more— It’s going to end up costing more than $4 billion. four billion! It’s the highest price of construction. Again, Democrats, highest price of construction per square foot in the history of the world. There’s never been— gorgeous monuments are built for a much smaller price. So, we’re thinking about bringing a gross incompetence, what’s called gross incompetence, lawsuit. It’s gross incompetence against Powell, and that was his baby, and the guy’s just incompetent. There is nothing you can do about he’s just a very incompetent man. But we’re going to probably bring a lawsuit against him.

Reporter: Will you ask J. Powell to resign?

Trump: Well, he should resign. It’d be a favor to the nation. But he’s come close, I mean, we’re getting pretty close. I would fire him. I would love to fire him, but we’re so close, you know, maybe, but maybe I still might.

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