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Trump presses Powell on renovations, rates

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25.07.2025
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The Big Story

Powell pushes back on Trump amid renovation pressure

Federal Reserve Chair Jerome Powell disputed President Trump’s cost estimate of renovations at the central bank’s headquarters during a tour of the site Thursday.

© AP

“It looks like it’s about $3.1 billion. Went up a little bit, or a lot,” Trump said, asserting the cost of the renovation had increased from the previously estimated $2.5 billion.

Powell, standing next to Trump as he addressed reporters, shook his head.

“I’m not aware of that, Mr. President,” Powell said. “I haven’t heard that from anybody at the Fed.”

Trump pulled out a piece of paper from his suit jacket that he said backed up his estimate. Powell pulled out his glasses to examine the document more closely before telling Trump that it included the cost of another building that had been completed five years ago.

“It’s part of the overall work,” Trump said.

“It’s not new,” Powell responded.

Top White House officials have zeroed in on a $2.5 billion renovation of the Fed’s headquarters, pointing to cost overruns and questions about whether Powell ran afoul of regulations.

During the tour, Trump did not say if the renovation issues gave him cause to fire Powell, but he said that as a real estate developer, he would fire a project manager who was over budget.

The Hill's Brett Samuels has more here.

 

Welcome to The Hill’s Business & Economy newsletter, I'm Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.

 

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