President Trump has once again reiterated his threat to take legal action against Fed Chair Jerome Powell for the central bank’s costly renovation of its Washington, D.C., headquarters.
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“We’re thinking about bringing a suit against Powell for incompetence,” Trump said during a press conference with Israeli Prime Minister Benjamin Netanyahu. “It’s gross incompetence against Powell. And it was his baby.”
When Does Powell’s Term End?
Since the start of his second term, Trump has leveled sharp criticism against Powell. Beyond the renovation issue, Trump has berated Powell for delaying interest rate cuts and has repeatedly urged for outsized cuts to 1%. The current interest rate sits at a range between 3.50% and 3.75%.
Powell’s term as Chair is set to end in May 2026, although he will remain a Fed Governor until January 2028. He was initially appointed by Trump to lead the Fed in 2018 before being reappointed by former President Joe Biden.
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