President Trump has once again called on Fed Chair Jerome Powell to lower interest rates following a tame inflation report. This time, he’s upping the ante by threatening to sue him, although not over Powell’s stance on maintaining rates.
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“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,” Trump said in a Truth Social post Tuesday, adding that the renovation cost $3 billion when it should have cost $50 million.
Fed’s HQ Renovation Draws Criticism
The Fed’s Washington, D.C. headquarters renovation has drawn backlash due to its hefty price tag. Powell testified on the topic to Congress in June and denied any excessive features, such as marble floors, roof terrace gardens, and VIP dining rooms. He added that the renovation was necessary in order to fulfill safety and waterproofing standards.
According to TipRanks’ Trump Dashboard, Bank of America (BAC), JPMorgan Chase (JPM), Goldman Sachs (GS), and three other stocks will likely be affected by his post.
