President Donald Trump has warned Federal Reserve Chair Jerome Powell that he may face a “major lawsuit” if he continues renovations on federal buildings.
“Jerome ‘Too Late’ Powell must NOW lower the rate. Steve ‘Manouychin’ really gave me a ‘beauty’ when he pushed this loser. 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,” he wrote on Truth Social. “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!”
Powell was criminally referred to the Department of Justice last month by Rep. Anna Paulina Luna (R-FL) after he “knowingly misled both Congress and executive branch officials about the true nature of a taxpayer-funded project,” Luna said.
Luna’s letter to Attorney General Pam Bondi explains that on June 25, 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,” including those surrounding project plans and renovations to the Eccles building.
“Separately, in a letter to the Office of Management and Budget (OMB) Director Russell Vought, Chairman Powell characterized the changes that escalated the cost of the project from $1.9 billion to $2.5 billion as minor. However, documents reviewed by congressional investigators indicate that the scope and cost overruns of this project were neither minor in nature nor in substance,” the letter added.
