WASHINGTON — President Donald Trump this week revived his threat to sue Federal Reserve Chair Jerome Powell for what he called “incompetence,” while signaling he plans to announce his preferred successor to the Fed chairmanship in January, the Financial Times reported.
Speaking at a press conference alongside Israeli Prime Minister Benjamin Netanyahu, Trump said he would “love to fire” Powell and repeated criticism that the Fed chair was “too late” in cutting borrowing costs. Trump suggested, however, that he is unlikely to try to remove Powell with only months remaining in his term, which ends in May 2026, according to the Financial Times.
Instead, Trump renewed a legal threat first raised earlier this year, accusing Powell of mismanaging a multibillion-dollar renovation of the Federal Reserve’s headquarters. Trump claimed the project could cost more than $4 billion, calling it the most expensive construction per square foot in history, the Financial Times reported.