President Donald Trump has once again threatened to file a lawsuit against Federal Reserve Chair Jerome Powell for what he called “gross incompetence.”
Trump announced the potential lawsuit on Monday at a joint press conference with Israeli Prime Minister Benjamin Netanyahu, following a meeting between them at his Mar-a-Lago estate.
“We’re thinking about bringing a suit against Powell for incompetence,” Trump said.
The president cited the Federal Reserve headquarters renovation project, which he claimed will cost “more than $4 billion.” The White House has previously attacked the project, which has been projected to cost $2.5 billion.
“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. It was his baby. The guy’s just incompetent,” Trump said.
This isn’t the first time Trump has made this threat. In August, Trump wrote on Truth Social that he’s “considering allowing a major lawsuit against Powell to proceed,” arguing that his management of the renovation project has been “grossly incompetent.”
Also at Monday’s press conference, Trump slammed his predecessor, former President Joe Biden, for reappointing Powell in 2022. Trump initially nominated Powell to lead the Federal Reserve during his first term in 2017.
“I mean, Biden reappointed him, 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,” Trump said.
Though Powell’s term is set to end next year, Trump once again threatened to fire him at Monday’s press conference.
“I would fire him. I’d love to fire him. But we’re so close, you know. But maybe I still might,” Trump said.
Trump has repeatedly criticized Powell over the last year, often arguing that he did not lower interest rates quickly enough. Trump has labelled the Fed chair “Too Late Powell,” and just last month said he’d “love to fire his a**.”
Trump said he expects to name Powell’s replacement next month. While it’s still unclear who Trump will name, he told The Wall Street Journal earlier this month that he’s considering former Federal Reserve Board member Kevin Warsh and National Economic Council Director Kevin Hassett.
“I think you have Kevin and Kevin. They’re both—I think the two Kevins are great,” he said. “I think there are a couple of other people that are great.”
The Federal Reserve Board of Governors declined to comment when contacted by The Independent.
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