Trump Attacks Fed Chair Jerome Powell Over Renovation Costs and Announces Plans for Successor
On December 29, 2025, Donald Trump launched a fierce attack on Federal Reserve Chair Jerome Powell during a press conference held alongside Israeli Prime Minister Benjamin Netanyahu. Trump called Powell a fool and expressed a strong desire to fire him, suggesting he might pursue a gross incompetence lawsuit against the Fed chair.
Trump criticized President Joe Biden for reappointing Powell to his position and repeated a claim that the renovation of the Federal Reserve headquarters cost $4.1 billion. This figure contradicts Powell's statements from the summer, where he clearly noted that the renovation costs were $2.5 billion.
During the conference, Trump compared the Fed renovation costs to the White House ballroom, noting that the ballroom's latest estimate had risen to about $400 million from an earlier $200 million, largely due to enhanced security measures such as bullet-proof glass and a drone-free roof. He remarked that the White House ballroom's cost would be only a tiny fraction of what was spent on the Fed renovation.
Trump also announced his intention to appoint Powell's successor the following year, revealing plans to name the pick in January 2026.
