Trump threatens to sue Fed Chair Powell over pricey Fed HQ renovation
Donald Trump is threatening a "gross incompetence" lawsuit against Federal Reserve Chair Jerome Powell, claiming the renovation of the Fed's Washington headquarters is wildly overpriced—he called it "the highest price of construction per square foot in the history of the world."
Trump made this statement during a press conference with Israeli Prime Minister Benjamin Netanyahu.
What's actually going on with these costs?
The renovation, meant to modernize two historic 1930s buildings and save on leases, has jumped to $2.5 billion now—thanks to things like asbestos removal, toxic soil, steel prices, and strict preservation rules.
Powell defended the spending in a July letter, explaining that the project's large scope is due to the need to renovate two historic buildings from the 1930s and to address safety and modernization requirements.
Trump vs. Powell: Not their 1st clash
Trump appointed Powell back in 2017 but has often criticized him—calling him "Too Late Powell" for slow rate cuts and blaming President Biden for keeping him on.
This isn't even Trump's first threat of a lawsuit over these renovations; he raised similar complaints earlier this year.