NEW: Trump threatens Fed Chair Jerome Powell with lawsuit for being 'grossly incompetent'

President Donald Trump has threatened Federal Reserve Chair Jerome Powell with a "major lawsuit" over renovations to the Federal Reserve building. The president said that Powell has done a "grossly incompetent" job of managing the project. 

Trump posted to Truth Social, "Jerome ‘Too Late’ Powell must NOW lower the rate. Steve ‘Manouychin’ really gave me a ‘beauty’ when he pushed this loser. The damage he has done by always being Too Late is incalculable"



"Fortunately, the economy is sooo good that we’ve blown through Powell and the complacent Board. I am, though, considering allowing a major lawsuit against Powell to proceed because of the horrible, and grossly incompetent, job he has done in managing the construction of the Fed Buildings. Three Billion Dollars for a job that should have been a $50 Million Dollar fix up. Not good!" Trump added. 

The post from Trump comes as the president has scrutinized Powell over the cost of recent renovations on the Federal Reserve building as well as Trump's continued pressure on Powell to decrease the interest rates. The president has frequently posted on Truth Social for Powell to lower the rates over the last several months. Powell, however, has been resistant to the demands from Trump, and has held the rates steady. 

The White House has focused in on the renovations of the Federal Reserve, which has cost around $2.5 billion, according to The Hill. Trump has also pointed out overruns as well as if the project has violated regulations during Powell's time as Fed Chair.