Trump Threatens Lawsuit Against Fed Chair Jerome Powell

Cheddar News

Trump has threatened a "major lawsuit" against Fed Reserve Chair Jerome Powell, accusing him of mismanaging a $3 billion renovation of the Fed’s Headquarters.

Transcript

00:00President Donald Trump has threatened a major lawsuit, in his words, against Federal Reserve

00:05Chair Jerome Powell, accusing him of grossly mismanaging a $3 billion renovation of the

00:10Fed's headquarters in D.C.

00:13The president criticized the project as wasteful and claimed it should have cost just $50 million,

00:18using it as part of a broader push for immediate interest rate cuts.

00:22The Fed, under Powell, defended the renovation costs by citing inflation, security needs,

00:27and the removal of hazardous materials.

00:30Legal experts say such a lawsuit is unlikely to succeed due to the Fed's independence from

00:36presidential control.

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