Trump Considers Legal Action Against Fed Chair Powell Over HQ Renovations
President Donald Trump is contemplating a lawsuit against Federal Reserve Chair Jerome Powell concerning renovation management at the Fed's Washington headquarters. Allegations of poor oversight, potential fraud, and inflated costs have been raised by White House officials, escalating tensions over interest rate policies.
President Donald Trump is reportedly weighing a lawsuit against Federal Reserve Chair Jerome Powell over his handling of renovations at the Fed's Washington, D.C., headquarters. The White House contends there are issues of oversight and fraud inflating costs and that the renovation is excessively opulent.
The controversy comes as Trump continues to press Powell for interest rate cuts. A Fed spokesman declined to comment, while Fed documents indicate that the $1.9 billion project now has a $2.4 billion budget due to labor, materials, and unforeseen challenges like asbestos abatement.
Recent legal opinions regarding the autonomy of the Fed could support Powell's position, as the President cannot dismiss the Fed Chair based on policy disagreements. The outcome of Trump's potential legal move remains uncertain.
(With inputs from agencies.)
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