Trump Threatens to Sue Federal Reserve Board Member Jerome Powell ‘at the Highest Level’ in Response to Fed Renovation Report

President Donald Trump insisted Jerome Powell, a member of the Federal Reserve Board of Governors, “should be sued at the highest level” by the U.S. government following the release of a report by the Inspector General Wednesday.

Trump launched into a lengthy screed against Powell that he shared via Truth Social.

The president wrote:

The Inspector General’s Report just came out on Jerome ‘Too Late’ Powell’s ‘renovation’ of the Federal Reserve Headquarters in Washington, D.C. The IG’s Report states that there were ‘deficiencies in the management of the renovation project.’ The Building is over budget, at a Record Setting rate and, at a minimum, ‘Too Late’ Powell should be forced to resign from the Board. He can’t manage a Building, and he certainly shouldn’t be allowed to manage his High Interest Rate Policy (only on ‘TRUMP!’).

I have asked Attorney General Todd Blanche to study the report, and make a determination as to what to do about a relatively small Building Complex that is Hundreds of Millions of Dollars over budget, and is now going to cost, according to the Report, at least 2.5 Billion Dollars, with no end in sight.

Trump also wrote, “Soundproofing, and all other elements of the Building, will be inferior to what was previously there. In particular, the magnificent beauty, sculptured ceilings and walls, and so many other things which made the Federal Reserve Building stand apart, will never be captured again, and are only being replaced by flat, boring, less than midlevel finishes.”

He continued:

I could have done a far better Renovation for 25 Million Dollars, completely maintaining the MAGNIFICENCE of the structure, and had money left over. They completely destroyed the Beauty and Glorious History of the Building. This is Jerome Powell’s fault, and he should be forced to resign, IMMEDIATELY! If he doesn’t resign, he should be sued, at the highest level, by the United States Government, for either corruption or incompetence, both of which are completely unacceptable…And no, I do not want this Building named after President Donald J. Trump, ME!

The inspector general cited failures in oversight that “contributed to major cost overruns in the central bank’s headquarters renovation,” but crucially “found no grounds for a criminal referral,” CNBC reported Wednesday.

Trump and members of the GOP have launched attacks against Powell for months. The president’s primary complaint has been that Powell has not lowered interest rates quickly enough. In April Sen. Kevin Cramer (R-ND) suggested Powell should “cash in” on his “experience and his Rolodex” and leave the Federal Reserve entirely when his term as chairman ended the following month.

In May Trump said he wants the next chairperson to be “totally independent.”

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