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Donald Trump just went off on Jerome Powell.
Trump said he is “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 also said the renovations are a $50 million job that now costs $3 billion.
Jerome “Too Late” Powell must NOW lower the rate. Steve “Manouychin” really gave me a “beauty”when he pushed this loser. The damage he has done by always being Too Late is incalculable. Fortunately, the economy is sooo good that we’ve blown through Powell and the complacent Board. 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. Three Billion Dollars for a job that should have been a $50 Million Dollar fix up. Not good!
The renovation was estimated to cost $1.9 billion in 2021 – it will now cost $2.5 billion.
The Federal Reserve’s long-planned renovation of its Washington, D.C. headquarters has turned into a $2.5 billion political flashpoint. Initially estimated at $1.9 billion in 2021, the cost of overhauling the Fed’s historic Marriner S. Eccles Building and its adjacent Federal Reserve East Building has jumped by over 30%, drawing fire from President Donald Trump and his allies, and raising questions about fiscal oversight at the nation’s central bank.
Jerome Powell has been a terrible Fed chair.