Trump Weighs Legal Action Against Fed Chair Powell Over Costly Headquarters Renovations
U.S. President Donald Trump with Federal Reserve chair Jerome Powell at the Fed’s Washington headquarters, on July 24. U.S. President Donald Trump is weighing a “major” lawsuit against Federal Reserve Chair Jerome Powell, citing what he calls gross mismanagement of the central bank’s Washington, D.C., headquarters renovation project. The White House confirmed Tuesday that Trump is exploring legal options after publicly criticizing the project’s ballooning budget. Originally estimated at $1.9 billion, the cost has risen to between $2.4 and $3 billion, depending on the source. Trump has argued the work should have been a “$50 million fix-up” and has accused Powell of overseeing an unnecessarily lavish overhaul. The renovations involve modernizing and preserving two historic buildings that have not undergone a comprehensive update since the 1930s. The Fed attributes the higher costs to inflation in labor and materials, asbestos removal, and other unforeseen challenges. This disp...
