President Donald Trump, unhappy with the decisions of the Central Bank (Fed) and the cost of renovating his seat, threatens Tuesday to authorize a “major legal action” against the president of the institution Jerome Powell.
“I plan to authorize a major legal action against Powell because of the horrible and manifestly incompetent work that he has accomplished in the management” of the Fed renovation site in Washington, writes the head of state on his Truth Social platform.
Donald Trump has been putting his growing impatience for weeks with regard to the monetary institution.
He deals with “stupid” the president of the Fed-which he himself appointed to this post during his first mandate-calls on the other central bankers to overthrow him, regularly pretends to eject him, and even went to the renovation site at the institution’s seat in Washington, which he considers too costly in late July.
The episode gave rise to a scene widely broadcast in the media: Donald Trump and Jerome Powell side by side, with site helmets.
Mr. Powell is not in the head and puts on his glasses when the head of state reads a paper according to which the costs of the work has climbed to $ 3.1 billion. He corrects the president in the wake, while the Fed estimated the bill at 2.5 billion dollars.
In his message on Tuesday, the American president deplores once again a cost of “three billion dollars for a site which should have cost 50 million”, according to him.
He also repeats that Jerome Powell “must now lower interest rates”.
Jerome Powell – One voice of twelve in the Fed rate committee – is supposed to chair the institution until May 2026, but he can stay there as governor longer, until January 2028. However, Donald Trump covers his seat to place a person closer to his views.
The American president is already about to place one of his main economic advisers, Stephen Miran, within the Fed, after the resignation of a governor.
