The White House has confirmed that President Donald Trump is considering filing a lawsuit against Jerome Powell, Chairman of the U.S. Federal Reserve, regarding renovations at the institution’s headquarters in Washington, D.C. White House spokesperson Karoline Leavitt stated that the president is considering this action due to the «horrible and grossly incompetent work» carried out by Powell in managing the project.
The renovations, initially estimated at $1.9 billion, have seen their budget rise to approximately $2.4 billion due to increases in labor and material costs, as well as issues such as asbestos removal. The White House claims that this cost overrun is due to poor oversight and potential irregularities, describing the spending as unnecessarily extravagant. During a recent site visit, President Trump directly confronted Powell on the matter and reiterated his demand for interest rate reductions.
Although the White House has not provided specific details about the nature of the lawsuit, it is speculated that it could be related to accusations of false or misleading statements made before Congress. Karoline Leavitt indicated that the president will allow Powell to publicly address the matter at the appropriate time.
The Federal Reserve has not commented on the potential lawsuit. A recent Supreme Court ruling highlighted the Fed’s unique status, stating that the president cannot remove the Federal Reserve Chairman over disagreements in monetary policy.
