Trump Trolls Powell Again
President Donald Trump said Monday that he is actively considering whether to remove Federal Reserve Chairman Jerome Powell, escalating his criticism of the central bank chief and signaling that a decision could come as soon as January.
“I would love to fire him — and maybe I still will,” Trump said, adding that he will make an announcement regarding Federal Reserve leadership “at the right time.” He emphasized that there is still “plenty of time” to act.
The remarks came during a public appearance with Israeli Prime Minister Benjamin Netanyahu following their meeting at Trump’s Mar-a-Lago estate in Florida. The exchange aired live on Newsmax and its free streaming platforms, drawing national attention.
Trump Targets Federal Reserve Spending
Trump accused Powell of what he described as “gross incompetence,” focusing on massive cost overruns tied to long-delayed renovations of Federal Reserve buildings in Washington, D.C.
The project involves two nearly century-old facilities that had never undergone a full renovation. Initial cost estimates placed the project at approximately $1.9 billion, but revised figures now suggest the final price tag could reach $2.5 billion — or even higher.
According to Trump, the cost per square foot could end up being among the most expensive construction projects ever undertaken by the federal government.
“These aren’t great monuments,” Trump said. “They’re relatively small buildings, yet the price keeps exploding.”
Possible Legal Action Under Review
Trump revealed that his administration has discussed the possibility of legal action related to the renovation overruns.
“We’re looking at what’s called a gross incompetence lawsuit,” he said, placing direct responsibility for the project on Powell’s leadership.
Powell was first appointed as Federal Reserve chair in 2018 and later reappointed in 2022. His current term is scheduled to end in May.
Trump Compares Fed Costs to White House Project
The president contrasted the Federal Reserve renovation with a ballroom project currently under construction under his administration.
According to Trump, the ballroom — which he said the White House has sought for over a century — is significantly larger, far less expensive, and ahead of schedule.
“It’s a massive job, but it’s costing a tiny fraction of what the Fed is spending,” Trump said. “We’re under budget and ahead of schedule.”
Trump added that the project includes enhanced security features such as reinforced glass and advanced roof protection systems.
Renewed Criticism Over Interest Rates and Inflation
Trump also revisited his long-standing concerns about Powell’s handling of interest rates, arguing that the Federal Reserve consistently moved too slowly during critical economic periods.
“He’s always late on lowering interest rates,” Trump said, adding that he believes rate decisions ahead of the election were politically motivated.
Trump dismissed claims that recent rate changes influenced the outcome, stating that voters ultimately rejected the effort.
Decision Still Pending
While Trump made clear that he remains deeply dissatisfied with Powell’s leadership, he said no final determination has been made.
Any announcement regarding changes at the Federal Reserve, Trump said, will come later as his administration continues to evaluate economic policy, inflation control, government spending, and interest rate management.
