US President Donald Trump said that he is considering a lawsuit against the head of the Federal Reserve Jerome Powell. The American leader regularly criticizes the regulator for refusing to lower interest rates, and since July, another reason was the cost of reconstruction of the headquarters of the Federal Reserve.

"I'm considering giving the go ahead to a major lawsuit against Powell because of the horrible and blatantly incompetent job he did managing the construction of the Fed buildings. Three billion dollars for a project that should have cost $50 million. Bad!" - Trump wrote on his Truth Social media page.

"The president is looking into filing a lawsuit against the Fed, and I'll leave that without further comment," White House press secretary Carolyn Leavitt confirmed to reporters on Aug. 12, Barron's reports .

The Fed building renovation project, approved in 2017, was originally supposed to cost about $1.9 billion, but eventually rose to about $2.5 billion. In late July, Trump personally visited the Fed and inspected the ongoing renovation work, accompanied by Powell. At that time, he first announced the amount of $3.1 billion, but the head of the regulator clarified that this included the cost of another building, work on which, according to him, was completed five years ago.

Powell's term as Fed chief expires in May 2026. By law, Trump can't remove him without "good cause" - such as a finding of negligence or malfeasance. In mid-July, the president said Powell's early dismissal was "highly unlikely unless he has to leave" because of fraud.

The market did not react to Trump's message about the possibility of a lawsuit: the leading indices maintained and even strengthened the significant growth achieved after the publication of encouraging inflation data.

This article was AI-translated and verified by a human editor

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