Trump attacks Powell amid Fed fears: ‘Incompetent’ or ‘crooked’
U.S. President Donald Trump looks at Federal Reserve Chairman Jerome Powell holding a document while touring the Federal Reserve Board building currently under renovation on July 24, 2025 in Washington, DC, USA.
Kent Nishimura | Reuters
On Tuesday, President Donald Trump accused Federal Reserve Chairman Jerome Powell of being “incompetent” or a “crook”; nevertheless, the Justice Department has faced increasing opposition over its criminal investigation of the central bank leader.
Trump took the final jab at Powell when asked whether the unprecedented Justice Department investigation was undermining confidence in the Fed, which has long enjoyed independence from the executive branch.
“It’s billions of dollars over budget,” Trump said, apparently referring to costs associated with the multibillion-dollar renovation of the Fed’s Washington headquarters.
“So he’s either incompetent or a fraud,” Trump said. “I don’t know what it is. But it’s doing something; it’s definitely not doing a very good job.”
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