President Donald Trump has launched a fierce public attack on Federal Reserve Chair Jerome Powell, accusing him of gross mismanagement of an expensive renovation project at the Federal Reserve building and threatening a major lawsuit.
According to Trump, the renovation costs have ballooned to $3 billion, a massive increase from the initial estimate of $50 million.
This dramatic overspending has drawn sharp criticism from the president, who blames Powell for poor leadership throughout the project.
On his platform Truth Social, Trump labeled Powell “Jerome ‘Too Late’ Powell,” targeting him over what he describes as repeated delays and incompetence.
He claimed, “The damage he has done by always being Too Late is incalculable,” and added that he was “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.”
This scathing rebuke signals Trump’s intent to escalate his dispute with Powell beyond public criticism.
The president’s frustration is not limited to construction issues. Trump has repeatedly pressured Powell to lower interest rates throughout 2025, arguing that the Federal Reserve’s refusal to act has harmed the economy.
However, Powell has maintained steady rates, citing ongoing