U.S. President Donald Trump looks at Federal Reserve Chairman Jerome Powell holding a document while touring the Federal Reserve Building currently under renovation in Washington, DC, on July 24, 2025.
Kent Nishimura | Reuters
President Donald Trump on Tuesday accused Federal Reserve Chairman Jerome Powell of being “incompetent” and “crooked” amid growing opposition from the Justice Department over a criminal investigation into central bank leaders.
President Trump delivered the latest punch at Powell when asked whether this unprecedented move would undermine confidence in the Fed, which has long enjoyed independence from the executive branch.
“We are billions of dollars over budget,” Trump said, apparently referring to costs related to the multibillion-dollar renovation of the Federal Reserve’s Washington headquarters, which is at the center of a Justice Department investigation.
“So either he’s incompetent or he’s crooked,” Trump said. “I don’t know who he is, but he certainly doesn’t do a very good job.”
President Trump’s comments to reporters outside the White House came as bipartisan criticism of the investigation and support for the Fed’s independence continues to grow.
“Everyone we know believes in the independence of the Fed,” JPMorgan Chase CEO Jamie Dimon told reporters after the bank released its fourth-quarter results early Tuesday.
“Anything that chips away at it is probably not a great idea,” Dimon said. “And in my opinion, that would have the opposite effect: higher inflation expectations and probably higher interest rates over time.”
This is breaking news. Please refresh to check for updates.
