Archive · 25 Jul 2025
Trump, Powell Clash on Camera Over Fed Headquarters Costs
President Trump and Federal Reserve Chair Jerome Powell disagreed about how much it's costing to fix up the Fed's headquarters.
Trump said it was $3.1 billion, but Powell said that number includes an older building.
Trump implied he wasn't happy with how Powell was handling the project, even suggesting he'd fire someone who overspent.
This disagreement is part of ongoing tension, as the White House is looking closely at the building's renovation.
The main point of disagreement was over the correct price of a project.
Trump and Powell clashed during a tour of the Federal Reserve headquarters over renovation costs.
Trump claimed the cost had ballooned to $3.1 billion, while Powell disputed the figure.
Powell clarified that the figure included an older building completed five years earlier.
Trump suggested he would fire a project manager who overspent, adding to speculation about Powell's future.
The White House is scrutinizing the Fed’s refurbishment of the Marriner S. Eccles Building.
- Who
- President Trump and Federal Reserve Chair Jerome Powell.
- What
- A disagreement between President Trump and Federal Reserve Chair Powell over the cost of renovating the Federal Reserve's headquarters.
- When
- During a tour on Thursday.
- Where
- At the Federal Reserve headquarters.
- Why
- Disagreement over renovation costs and potential scrutiny of Powell's performance.
President Trump
Federal Reserve Chair Powell
Renovation Costs
President Trump
Believes the renovation costs are higher and mismanaged.
Federal Reserve Chair Powell
Powell explains the figure includes a building completed five years earlier.
Powell's Performance
President Trump
Implied he would fire a project manager who overspent.
Federal Reserve Chair Powell
Powell stands firm amid White House pressure.
- Main Event
- Clash over Federal Reserve headquarters renovation costs
- Disputed Cost
- $3.1 billion (Trump), vs. current renovation cost (Powell)
- Location
- Federal Reserve headquarters
- Participants
- Trump, Powell
- Building under scrutiny
- Marriner S. Eccles Building