'Generally speaking, I’d fire him': Trump clashes with Powell on camera over Fed’s '$3.1 billion' headquarters cost
&imwidth=600&imheight=450&format=webp&quality=medium "'Generally speaking, I’d fire him': Trump clashes with Powell on camera over Fed’s '$3.1 billion' headquarters cost")
Trump clashes with Powell on camera over Fed’s '$3.1 billion' headquarters cost Photograph: (Reuters)
During a visit to the Federal Reserve, Donald Trump claimed renovation costs had risen to $3.1 billion, far above the reported $2.5 billion. Fed Chair Jerome Powell pushed back, calmly noting the higher figure included a separate building completed years earlier.
Federal Reserve Chair Jerome Powell and President Donald Trump clashed during a tour of the central bank’s headquarters on Thursday, as Trump claimed renovation costs had ballooned to $3.1 billion, a figure Powell swiftly pushed back on.
Trump claims cost is higher than expected
Speaking to reporters during the visit, Trump said, “It looks like it’s about 3.1 billion. Went up a little bit, or a lot.” This figure was noticeably higher than the previously reported estimate of $2.5 billion. Standing beside him, Powell responded calmly, “I’m not aware of that, Mr President. I haven’t heard that from anybody at the Fed.”
Trump then pulled a document from his suit jacket to support his claim. Powell examined the paper with the help of his glasses, and clarified that the figure included the cost of another building completed five years earlier. “You included a third building,” Powell told the president.
Powell says older building is not part of current renovations
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Trump insisted the third building was part of the overall project he believes has been mismanaged by Powell. But Powell explained the building “was built five years ago. It’s not new.” The exchange comes as the White House, led by top officials like James Blair and budget director Russell Vought, continues to scrutinise the Fed’s refurbishment of its Marriner S. Eccles Building.
‘I’d fire him’: Trump makes veiled jab at Powell
When asked what he would do as a developer with a project manager who overspent, Trump replied, “Generally speaking, I’d fire him.” The comment added to ongoing speculation over whether Trump is looking for a way to remove Powell before his term ends next May, though the president has since suggested he does not plan to do so.
Powell stands firm amid White House pressure
Powell, meanwhile, said he does not expect further cost overruns, but added the central bank is “ready for them” if necessary. He also reminded the press that the Fed is an independent agency and that its decisions on interest rates should remain free of political interference. To ease concerns, Powell has asked the central bank’s inspector general to investigate the renovation costs. The Fed has also published an explainer on its website outlining the reasons behind the increase. As the tour continued, Trump quipped that there was something Powell could do to improve the situation, “I’d love him to lower interestrates.”
