Trump Considering Lawsuit Against Powell: White House
"He's considering a lawsuit and I won't speak on it any further. I will allow the president to do that himself," White House Press Secretary Karoline Leavitt told reporters.
White House Press Secretary Karoline Leavitt on Wednesday said that President Donald Trump was considering a lawsuit against Federal Reserve Chair Jerome Powell over the renovation of the central bank’s headquarters.
"He's considering a lawsuit and I won't speak on it any further. I will allow the president to do that himself," she told reporters.
Trump in a social media post on Tuesday resumed his criticism of Powell over the central bank’s decision to hold interest rates. He also criticised Powell over the renovation work whose cost overruns have drawn scrutiny.
“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.”
The president, however, did not specify which lawsuit he was referring to in his post.
Trump has repeatedly called on Powell to resign for refusing to toe his line on monetary policy. He has also suggested firing the Fed Chair, but has so far refrained, given the serious impact it can have on financial markets.
The renovation work has become a flashpoint in Trump’s pressure campaign against Powell and the central bank.
Treasury Secretary Scott Bessent is running a search for a candidate to replace Powell when the chair’s term is up in May with Trump expected to make his final announcement by the end of the year, as per a Bloomberg News report.
