Trump says he’d ‘love to fire’ Jerome Powell in latest attack on Fed chair | Federal Reserve
Donald Trump launched a new attack on Federal Reserve chairman Jerome Powell on Monday, calling the central banker an “idiot” and saying he once again wants to fire him.
Trump made his latest attack on Powell at a news conference with Israeli prime minister Benjamin Netanyahu, repeating false claims about the cost of renovating the central bank headquarters and telling reporters he could sue Powell for “gross incompetence.”
Trump boasted about the excellent state of the US economy, adding that this was the case “even though we have a fool in the Federal Reserve.”
Without mentioning that he first appointed Powell in 2018, Trump said, “So Biden reappointed her. That’s too bad. You would think he wouldn’t do that.”
The President continued: “But anyone who builds a new Federal Reserve or renovates a building is a complete idiot.”
Turning to Netanyahu, Trump then repeated the false claim about the cost of renovating the central bank headquarters, which he had been doing for months.
“Bibi has up to $4.1 billion to renovate a few small buildings,” Trump said, inflating the $2.5 billion renovation cost that Powell pointed out to Trump on camera this summer.
“This is the highest price in the history of construction,” Trump said.
The president later suggested that the “magnificent, big, beautiful ballroom that the country has wanted, that the White House has wanted for 150 years” that the White House would build to replace the demolished East Wing would cost “a fraction of that figure.”
“Magnificent monuments are being built for much less than the Federal Reserve is renovating,” Trump said. “So we’re considering filing a case of gross incompetence against Powell, it’s a case of gross incompetence, it’s gross incompetence,” the president told reporters. Trump said, “I would love to fire him. Maybe I still can.”
In the ballroom, Trump said “we are under budget and ahead of schedule.”
He then quickly contradicted himself by admitting that the latest cost estimate for the ballroom, $400 million, was twice the $200 million he had said a few months earlier.
Trump said the increased cost came “after we realized we were going to be opening in that building,” which required “completely bulletproof glass” and “a drone-free roof so drones don’t touch it.”
Trump will appoint Powell’s successor next year. Asked for more information about who he had in mind for the new Fed chairman, Trump said he planned to announce his choice in January.
