Trump blasts Jerome Powell while bemoaning own legal troubles: ‘Everything I do, I get sued’
WASHINGTON, DC: President Donald Trump slammed Federal Reserve Chair Jerome Powell during a March 26 Cabinet meeting, complaining that he constantly faces lawsuits while Powell escapes scrutiny.
Trump called on the Justice Department to investigate the costly renovation project at the Federal Reserve’s Washington, DC, headquarters, continuing his months-long criticism of Powell over the over-budget project.
Trump slams Powell while complaining about his own legal troubles
Trump complained that everyone sues him, but Powell hasn’t faced any legal trouble. "I get sued over a ballroom that’s going to be the most beautiful ballroom in the country, so desperately needed we get sued by the National Trust for Historic Preservation. They don't know what they're doing," he said, referring to his planned White House expansion.
"But they don’t sue the guy whose interest rates are too high," the president added, repeating his frequent criticism of Powell. "That’s why we call him 'too late.' His name is Jerome Powell. We call him Jerome 'too late' Powell. and he's done a terrible job," he said.
Trump added, "I guess on the fixing up of again, I'll use the old name Kennedy Center — it’s going to be beautiful when you add the name Trump."
He stressed the need to repair the building, "But we got sued, and all I'm doing is fixing it up. We're fixing broken marble. We're putting on a roof because it leaks like a sieve. We're fixing steel that's broken. Same building, same exact building we're fixing. It's going to be beautiful. It's going to be so beautiful and safe ... but think of it. I get sued because I'm fixing up the Trump Kennedy Center. We're going to make it gorgeous and safe. We're fixing new windows, do this, but just all fix up. I got sued by preservationists. This could only happen to Trump."
"Nobody sues this guy, I don't blame him, but, but they don't sue a man who has taken this gorgeous building, ripped it down from the inside, taken ceilings that are as beautiful as you've ever seen, taking the ceilings down instead of leaving them, taking walls down that were two feet thick of solid concrete and plaster, replacing them with six inch walls with no insulation," Trump continued.
"And then when Jeanine Pirro, working with Pam [Bondi] and others, has the courage to sue to find out what happened to maybe $4 billion at a building that may never be occupied by Kevin Warsh, you may never get there," he said.
He concluded, "When they bring the suit, then we have a judge that attacks us, attacks us, so we've got to get our priorities straight. You know, it's, it's a very sad thing that's happened with the Fed.” The president’s remarks come days after new court records revealed that the Justice Department’s investigation into the $2.5 billion Federal Reserve renovation found no evidence of wrongdoing.
Powell vows to remain in his job until the probe is finished
Federal Reserve Chair Jerome Powell says he will not step down from the central bank's board until an investigation launched by Trump's Justice Department into Powell's congressional testimony last year is fully put to rest. For background, Trump’s Justice Department issued a subpoena to Powell and the Federal Reserve in January, seeking information about a renovation project at the Fed’s headquarters in Washington
"I have no intention of leaving the board until the investigation is well and truly over with transparency and finality," Powell recently said at a news conference in Washington.
Powell also left the door open to remaining on the board even if the probe ends and Trump's nominee to succeed him as chair, economist Kevin Warsh, is confirmed by the Senate.
"On the question of whether I will then continue to serve as a governor after my term ends and after the investigation is over, I have not made that decision yet," Powell told reporters at the Fed's headquarters. "I will make that decision based on what I think is best for the institution and for the people we serve."
Powell's term as chair of the central bank ends in May. But his term as a powerful governor on the Fed's board, with a vote on interest rates, does not end until 2028. Powell also said he would remain in place as chair pro tempore of the Fed in the event that Warsh is not confirmed by the time his term as chair ends.
