Photo: Alamy
President Donald Trump blasted Federal Reserve Chairman Jerome Powell on Wednesday, calling him a “numbskull” over monetary policy decisions and a costly renovation project at the central bank’s Washington headquarters.
The president stopped short of saying he would fire Powell, instead suggesting he would welcome a resignation.
“I’d love if he wants to resign. That would be up to him,” Trump said during an interview with “Just the News, No Noise.”
Trump’s comments follow reports that a renovation of the Federal Reserve building has surged $700 million over budget, reaching a total of $2.5 billion. The president claimed the spending was excessive and mismanaged.
“They say it would disrupt the market if I did [fire him],” Trump said. “But you know, there are many people who say he should be removed because of the fraud of what he’s doing at the Fed, with regard to the $2.5 billion he’s spending. I guess it’s a renovation. I don’t know. I’m very good at that stuff. I should go look at it.”
He mocked the project’s amenities, saying, “It’s like one of the most expensive buildings in the world. He’s putting all sorts of parks on the top of the building… And I guarantee the contractors are making a fortune.”
Trump added that the economy would benefit significantly if the Fed acted more aggressively.
“The housing market would boom if this, you know, numbskull… he’s a numbskull,” Trump said. “And if this guy would [lower rates] could you imagine?”
Trump previously called for Powell to resign if he misled lawmakers during recent testimony about a costly renovation of the central bank’s Washington headquarters.
Speaking during a Cabinet meeting, Trump voiced support for a congressional investigation into Powell, whom he has repeatedly criticized for refusing to lower interest rates. The president’s remarks follow ongoing controversy over rising renovation costs at the Fed’s main building and concerns raised by Republican lawmakers.
“If he misled Congress, Powell should resign,” Trump said.
During a Senate Banking Committee hearing last week, Sen. Tim Scott, R-S.C., questioned Powell over reports that the central bank had turned its headquarters into a lavish facility akin to the Palace of Versailles. Powell denied the allegations.
