Trump Criticizes Fed Chair Powell Over Renovation Costs and Interest Rates
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President Donald Trump has criticized Federal Reserve Chair Jerome Powell over the central bank's renovation expenses and interest rate policies, suggesting potential legal action and expressing a desire to replace him.
During a press conference on Monday, President Donald Trump criticized Federal Reserve Chair Jerome Powell, referring to him as a "fool" and expressing a desire to remove him from his position. Trump suggested the possibility of filing a lawsuit against Powell for "gross incompetence" and indicated he might still consider firing him.
The president also reiterated his disapproval of the Federal Reserve's renovation project, claiming the costs have escalated to $4.1 billion. However, the actual cost of the renovation is $2.5 billion, as previously clarified by Powell.
Trump contrasted the Federal Reserve's renovation expenses with the construction of a new White House ballroom, stating that the ballroom's cost is a fraction of the Federal Reserve's renovation budget. He noted that the ballroom is "under budget and ahead of schedule," though he acknowledged that its estimated cost has increased to $400 million from an earlier estimate of $200 million.
The president's remarks come amid ongoing tensions between him and Powell over interest rate policies. Trump has consistently advocated for lower interest rates, while Powell has maintained the Federal Reserve's independence in setting monetary policy.
Trump is expected to appoint Powell's successor next year and indicated plans to announce his choice in January.
Source
The GuardianFact-checking
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