President Trump Threatens Legal Action Against Federal Reserve Chair Powell Over Incompetence Claims
According to the Economic Desk of Webangah News Agency, President Donald Trump has threatened to file a lawsuit against Federal Reserve Chair Jerome Powell, accusing him of incompetence during a press conference in Florida. “We are reviewing a complaint against Powell for his incompetence,” Trump stated, adding, “There’s nothing you can do about it. He’s just a very incompetent man, but we will probably sue him.”
The U.S. President has long pressured the Federal Reserve to lower interest rates and has criticized Powell for what he describes as excessive caution. Trump emphasized that selecting Powell’s successor—whose term ends in May 2026—would be his best opportunity to reshape the institution.
Trump has repeatedly targeted Powell for hesitating to cut rates aggressively, expressing hope that his replacement would act more decisively. According to sources, Trump plans to announce his preferred candidate for the next Fed chair in January.
In a lighter tone, Trump joked that he already has a favorite candidate in mind but is in no rush to reveal the name. Meanwhile, he hinted at the possibility of firing Powell outright, stating, “Powell should resign, and I’d love to fire him.” The President came close to removing Powell in July but backtracked after negative reactions from financial markets.
