President Donald Trump sharply criticized Federal Reserve Chairman Jerome Powell on Tuesday, signaling he may pursue legal action over both economic policy and a costly renovation project at the Federal Reserve’s headquarters, as reported by The Gateway Pundit.
The comments came after the release of July’s inflation numbers, which showed the annual rate holding at 2.7 percent, slightly below Wall Street’s forecast of 2.8 percent. Trump said the data proved Powell wrong for maintaining high interest rates despite falling inflation.
“Jerome ‘Too Late’ Powell must NOW lower the rate,” Trump stated. “Steve Manouychin really gave me a ‘beauty’ when he pushed this loser.” The president was referring to former Treasury Secretary Steve Mnuchin, who recommended Powell for the position.
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Trump added, “The damage he has done by always being Too Late is incalculable. Fortunately, the economy is sooo good that we’ve blown through Powell and the complacent Board.”
The president also accused Powell of mismanaging a major renovation at the Federal Reserve’s Eccles Building in Washington, D.C. Trump said the project’s $3 billion price tag should have been closer to $50 million.
“I am, though, considering allowing a major lawsuit against Powell to proceed because of the horrible, and grossly incompetent, job he has done in managing the construction of the Fed Buildings. Three Billion Dollars for a job that should have been a $50 Million Dollar fix up. Not good!” Trump wrote.
NEW: President Trump is considering a lawsuit against Jerome “Too Late” Powell over the cost of the Fed building renovations.
“Three Billion Dollars for a job that should have been a $50 Million Dollar fix up. Not good!” pic.twitter.com/IikN58bqSe
— Resist the Mainstream (@ResisttheMS) August 12, 2025
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The Gateway Pundit previously reported that Powell has been criminally referred to the Justice Department in connection with the renovation project.
Last month, Rep. Anna Paulina Luna (R-FL) said she was referring Powell for potential prosecution, citing testimony and documents related to the project.
“On June 25, 2025, Chairman Powell provided testimony under oath before the U.S. Senate Committee on Banking, Housing, and Urban Affairs regarding the renovation of the Federal Reserve’s Eccles Building. In his statements, he made several materially false claims,” Luna wrote in a letter obtained by Fox News.
According to Luna, Powell mischaracterized the scale of changes that pushed the renovation’s cost from $1.9 billion to $2.5 billion. She said documents reviewed by congressional investigators show the overruns were not minor in nature or substance.
Congressional inquiries into the project’s cost and oversight are ongoing. The Federal Reserve has not yet responded publicly to Trump’s comments or the criminal referral.
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