U.S. President Donald Trump looks at Federal Reserve Chair Jerome Powell holding a document during a tour of the Federal Reserve Board building, which is currently undergoing renovations, in Washington, D.C., U.S., July 24, 2025.
Kent Nishimura | Reuters
President Donald Trump on Tuesday slammed Federal Reserve Chair Jerome Powell as either “incompetent” or “crooked,” even as his Department of Justice faces growing opposition over its criminal investigation of the central bank leader.
Trump threw his latest punch at Powell after being asked whether the unprecedented action undermines confidence in the Fed, which has long enjoyed independence from the executive branch.
“He’s billions of dollars over budget,” Trump said, apparently referencing costs related to a multibillion-dollar renovation of the Fed’s Washington headquarters, which is at the center of DOJ’s probe.
“So, he either is incompetent or he’s crooked,” Trump said. “I don’t know what he is. But he does a – certainly he doesn’t do a very good job.”
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 Fed independence,” JPMorgan Chase CEO Jamie Dimon told reporters earlier Tuesday after his bank released its fourth-quarter earnings results.
“Anything that chips away at that is probably not a great idea,” Dimon said. “And in my view, it will have the reverse consequences, it will raise inflation expectations and probably increase rates over time.”
Dimon’s remarks echoed similar concerns from a slew of Republican lawmakers, including some who are reliable supporters of Trump.
“If you wanted to design a system to guarantee that interest rates would go up and not down, the best way to do that would be to have the Federal Reserve and the executive branch of the United States get in a pissing contest,” Senate Banking Committee member John Kennedy, R-La., said Monday.
“We need this like we need a hole in the head,” he added.
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