When asked by reporters if he believes the Justice Department's investigation into Jerome Powell undermines confidence in the Federal Reserve, President Donald Trump relied on one of his favorite comebacks: name-calling. "Well, he's billions of dollars over budget. So he is either incompetent or he's crooked," the president said Tuesday of Powell, referring to cost overruns related to renovating the Fed headquarters. Powell does not control federal construction costs, nor is the renovation billions over budget. Trump did not discuss how the cost of his own White House ballroom project had doubled to approximately $400 million.

Source: Huffington Post January 12, 2026 20:34 UTC