President Donald Trump on Thursday visited the Federal Reserve building in Washington, DC, marking a rare public event with Federal Reserve Chairman Jerome Powell.
Trump has complained about the massive $2.5 billion project to renovate the building, as he and his staff continue hammering Powell for the cost of the renovation project.
Trump arrived with Republican Senators Tim Scott, Thom Tillis, and OMB Director Russ Vought, Chairman of Fannie Mae and Freddie Mac Bill Pulte as well as his Appointees to the National Capital Planning Commission, Deputy chief of staff James Blair and White House Staff Secretary Will Scharf.
‘We’re going to take a look, we’re going to see what’s happening and it’s got a long way,’ Trump said as the president and Powell wore hard hats and spoke to the press about the overall cost of the project.
At one point, Trump and Powell bickered about the total cost of the project, as the president said the costs renovation had reached $3.1 billion.
Powell disputed the claim, noting the president was including the cost of renovation for a third building that was finished five years ago.
Trump asked Powell if he expected costs to continue rising.
‘Don’t expect them, we’re ready for them, but we have a little bit of a reserve that we may use,’ Powell replied.
Donald Trump appears with Federal Reserve Jerome Powell to discuss cost overruns at the Federal reserve building
A view shows the Marriner S. Eccles Federal Reserve Board Building as a massive renovation continues on the building and the 1951 Constitution Avenue Building
The visit was awkward as the Federal Reserve values it’s independence, even as presidents frequently gripe about its failure to react in a timely way to boost the economy.
‘Well I’d love him to lower interest rates,’ Trump replied to questions from the press, slapping Powell on the back. ‘Other than that, what can I tell you?’
‘We would be helped if interest rates would come down but we’re going to see how the board rules on that soon,’ he added.
The president has repeatedly criticized Powell for refusing to cut interest rates, even as inflation has slowed.
‘He’s a moron,’ Trump said on July 1.
‘You talk to the guy, it’s like talking to a nothing. It’s like talking to a chair,’ he added on July 15. ‘No personality, no high intelligence, no nothing.’
Trump has since encouraged Powell to step down.
‘I’d love it if he wants to resign,’ Trump said on July 16, repeating earlier criticisms of him acting ‘too late’ on inflation.
The Washington Monument is visible beyond the 1951 Constitution Avenue Building as a massive renovation continues on the building and the Marriner S. Eccles Federal Reserve Board Building
President Donald Trump, Federal Reserve Chair Jerome Powell, and U.S. Senator Tim Scott (R-SC) tour the Federal Reserve Board building
Powell has said the Federal Reserve continues to monitor the results of Trump’s tariffs on inflation, before an interest rate cut could be approved.
The increased pressure on Powell over the renovation project appears a familiar tactic by Trump to give him a pretense to fire the chairman.
The stock market fell when Trump floated the idea of firing Powell to Republican senators, but he later told reporters he would not do so.
The Federal Reserve briefed reporters ahead of Trump’s visit, as they blamed tariffs and inflation for the increased cost of renovating the building, as well as the increased cost of materials and security features.
The renovation of the Marriner S. Eccles building and its adjacent Federal Reserve East Building was initially estimated at $1.9 billion in 2021, but costs have ballooned since construction began.
Trump recalled that he successfully renovated the Old Post Office hotel in Washington, DC for $200 million, even though it was a historic building.
When asked by reporters if he considered Powell’s oversight of the project a ‘fireable offense’ the president said, ‘I don’t want to put this in this category.’
‘This is a very expensive job. It got out of control and that happens, it’s a shame,’ he said.
The project is now expected to be finished by the fall of 2027.
