❓WHAT HAPPENED: President Donald J. Trump chastised Federal Reserve Chairman Jerome Powell in person over the nearly $1 billion in cost overruns for renovations and new office construction undertaken by the American central bank.
👤WHO WAS INVOLVED: President Trump, Powell, and the Federal Reserve.
📍WHEN & WHERE: Thursday, July 24, 2025, at the Federal Reserve in Washington, D.C.
💬KEY QUOTE: “A lot of very expensive work, there’s no question about it,” Trump said, adding: “So we’re taking a look, and it looks like it is about $3.1 billion; it went up a little bit.”
🎯IMPACT: Trump’s visit is likely part of a broader campaign to pressure Powell and the Federal Reserve to cut interest, mirroring similar efforts by the late President Richard Nixon to push his Fed chairman, Arthur Burns, into lowering borrowing costs.
President Donald J. Trump chastised Federal Reserve Chairman Jerome Powell in person over the nearly $1 billion in cost overruns for renovations and new office construction undertaken by the American central bank. On Thursday, July 24, 2025, Trump became only the fourth President in American history to visit the Federal Reserve, and the only President to enter the building for nonceremonial purposes. Previously, former Presidents Franklin Delano Roosevelt, Gerald Ford, and George W. Bush each visited the Fed.
“Thank you very much, we’re looking at the construction, and we’re with the chairman, as you know,” President Trump said before waving Powell over to join him in front of the cameras: “Chairman, come on over.”
“And we’re just taking a look at what’s happening, and it’s a tough construction job; they’re building basements where they didn’t exist or expanding them. A lot of very expensive work, there’s no question about it,” Trump continued. “So we’re taking a look, and it looks like it is about $3.1 billion; it went up a little bit.”
A stunned Powell abruptly began shaking his head in disagreement, insisting the construction costs were not that high. President Trump proceeded to produce a report detailing the cost, which included a separate office space that the Federal Reserve did not pair with its renovation estimates.
yikes — Powell shakes his head as Trump rips into him for the cost of Fed building renovations pic.twitter.com/Kz4SD57p0w
— Aaron Rupar (@atrupar) July 24, 2025
For weeks, President Trump has increased pressure on the U.S. central bank to begin slashing interest rates as economic data has shown some concerning deflationary signals. Powell, however, has remained obstinate, maintaining rates at their current levels.
This has led to some speculation that Trump could move to fire Powell—with cause— by citing the renovation cost overruns, though the America First leader has insisted he does not intend to remove the Fed chairman before his term expires next year.
REPORTER: Are there things the chairman could say to you today that would make you back off some of your criticisms?
TRUMP: I’d love for him to lower interest rates pic.twitter.com/3JJ9JiOh3D
— Aaron Rupar (@atrupar) July 24, 2025
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