Watch: Fed Chair Jerome Powell Fumes as Trump Hands Him a Document During Building Tour
Federal Reserve Chairman Jerome Powell appeared unsettled during a visit to the Federal Reserve headquarters in Washington, D.C., when President Donald trump handed him a document detailing cost overruns of the renovation project underway at the site. The renovations, involving two main buildings of the Fed headquarters, have gone approximately $700 million over budget, increasing the estimated costs from $2.7 billion to about $3.1 billion. Trump and Powell toured the site together, accompanied by Republican Senator tim Scott, both wearing hard hats.
Trump cited data suggesting higher costs, which Powell disputed, explaining that some figures included a building completed five years ago and not part of current renovations. The project, which started in 2021, is expected to be completed by 2027, with Powell stating he does not anticipate further cost increases. Simultaneously occurring, the Office of Management and Budget has raised concerns, alleging that the project may have exceeded approvals from the National Capital Planning Commission.
During the visit,Trump reiterated his desire for the Federal Reserve to lower interest rates,a stance that has created tension between him and Powell. the renovation plans themselves are extensive, including luxury features such as rooftop gardens, skylights, private elevators, and upscale materials, drawing criticism and comparisons to an extravagant palace.
Federal Reserve Chairman Jerome Powell became flustered when President Donald Trump handed him a document Thursday at the Federal Reserve headquarters, which is undergoing renovation in Washington, D.C.
The cost overruns of the project, which involves two of the headquarters’ buildings, prompted Trump to visit the site with Powell, who is already under pressure from him to lower interest rates, CBS News reported.
Trump and Powell wore white hard hats as they toured the building with Republican South Carolina Sen. Tim Scott.
Q: Are there things the chairman can say to you today that would make you back off some of the earlier criticism?
POTUS: Well, I’d love him to lower interest rates. Other than that, what can I tell you? pic.twitter.com/9NlrRizfbj
— CSPAN (@cspan) July 24, 2025
“So we’re taking a look, and it looks like it’s about $3.1 billion. It went up a little bit — or a lot. So the 2.7 is now 3.1,” Trump told reporters as Powell shook his head in disagreement.
“I’m not aware of that, Mr. President,” Powell said.
“It just came out,” Trump said, removing a document from his jacket and handing it to Powell.
“I haven’t heard that from anybody at the Fed,” Powell said before reading the document, which Trump said originated from the Federal Reserve.
“You’re including the Martin renovation,” Powell asserted. “You just added in a third building, is what that is.”
“It’s a building that’s being built,” Trump retorted.
“No, no, it was built five years ago,” Powell said. “We finished Martin five years ago.”
“It’s part of the overall work,” Trump replied.
Powell said he didn’t expect any more cost overruns but could handle them if there were.
“We expect to be finished in 2027,” Powell told reporters.
The renovation plans for the Fed HQ include rooftop garden terraces, skylights, VIP private elevators, premium marble, waterfalls, and more.
One former Fed employee even called it the Palace of Versailles! pic.twitter.com/NbfrWtWa0I
— Office of Management and Budget (@WHOMB) July 10, 2025
The project began in 2021 and so far has gone at least $700 million over budget.
Trump’s schedule revealed on Wednesday that he’d be spending about an hour at the site, according to the Financial Times.
In July, Office of Management and Budget Director Russell Vought wrote an inquiry letter to Powell regarding the renovations.
The letter accused Powell of breaking the law because the project allegedly exceeded what the National Capital Planning Commission had approved.
At the construction site, one reporter asked Trump what Powell could say to be in better standing with the president.
“Well I’d love him to lower interest rates,” Trump said. “Other than that, what can I tell you?”
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