President Donald Trump presents Federal Reserve Chair Jerome Powell with what Trump called a list of cost overruns for the Federal Reserve’s $2.5 billion headquarters renovation project on July 24, 2025, in Washington, D.C. (Chip Somodevilla/Getty Images)
THE FED’S FOOLISH INTEREST RATE POLICY IS STOPPING AMERICA’S ECONOMY FROM BOOMING
"Steve ‘Manouychin’ really gave me a ‘beauty’ when he pushed this loser. 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 then went on to dangle the prospect of the legal action, although it is unclear what lawsuit Trump was referring to.
"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. Three Billion Dollars for a job that should have been a $50 Million Dollar fix up. Not good!"
The comments are Trump’s latest public attack against Powell despite appointing him as the Federal Reserve chair in 2017. A Fed spokesperson declined to comment.
President Donald Trump speaks with reporters in the James Brady Press Briefing Room at the White House, Monday, Aug. 11, 2025. Trump on Tuesday ramped up his pressure on Federal Reserve Chairman Jerome Powell to cut interest rates, threatening to allow a lawsuit over the central bank’s $3.1 billion renovation project to move forward. (AP Photo/Alex Brandon)
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The FOMC isn't scheduled to meet again until Sept. 17–18, meaning an emergency meeting would be the only way to cut rates beforehand.
Last month, Rep. Anna Paulina Luna, R-Fla., referred Powell to the Department of Justice (DOJ) for criminal charges, accusing him of lying about lavish amenities at the Federal Reserve's Eccles Building and misrepresenting its state of maintenance.
Fox News’ Greg Wehner, Eric Revell and Rachel Wolf contributed to this report.
Michael Dorgan is a writer for Fox News Digital and Fox Business.
You can send tips to michael.dorgan@fox.com and follow him on Twitter @M_Dorgan.
https://www.foxnews.com/politics/trump-blasts-too-late-powell-again-threatens-lawsuit-over-feds-3b-hq-renovations