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Trump and Powell Clash Publicly Over Federal Reserve Renovation in Unprecedented Presidential Visit
The Unprecedented Encounter
WASHINGTON — In a rare and dramatic visit on Thursday, President Donald Trump arrived at the Federal Reserve’s imposing headquarters in Washington, D.C., wasting no time in renewing his public feud with Fed Chair Jerome Powell. The president, donning a hardhat for effect, openly lambasted the ongoing $2.5 billion renovation of the Fed’s two historic buildings, describing the price tag as “truly disgraceful”.
The tense tour unfolded before a cluster of reporters, with Trump grilling Powell over the costs in real-time. At various points, Powell could be seen shaking his head as Trump asserted that cost overruns should result in firings—a sharp rebuke from a president famed for his own real estate empire.
Key Facts and Figures
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Renovation Scope: The project aims to modernize the Marriner S. Eccles Building (built 1935) and a neighboring structure dating to 1932, both key homes of US monetary policy.
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Estimated Cost: $2.5 billion, up from $1.9 billion due to inflation, security enhancements, and hazardous material removal. Trump, citing a separate estimate, claimed costs had ballooned to $3.1 billion, a figure Powell disputed as including earlier renovations.
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Completion Timeline: Began 2022; slated for finished work in 2027.
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Security Upgrades: Blast-resistant windows, enhanced Department of Homeland Security standards, and other post-2020 safety measures now required.
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Policy Context: The visit occurs days ahead of a closely watched Fed policy meeting, with interest rates expected to be held at 4.25–4.50%—decisions Trump condemns as “political” and “incompetent”.
Urgent Statements From the Scene
At one heated moment, Trump told reporters, “In my business, building costs like this would get people fired. Here it seems to be accepted.” Pressing Powell directly, he asked, “Do you expect any more additional cost overruns?” Powell responded flatly: “Don’t expect them.”
Asked what would stop his criticism, Trump joked, “I’d back off Powell if he lowered interest rates.”
Unfolding Political and Economic Pressure
The visit marks one of only four presidential appearances at the US central bank in history—and the first since George W. Bush attended Ben Bernanke’s swearing-in ceremony in 2006. In recent weeks, Trump has publicly discussed the possibility of firing Powell for mismanaging both monetary policy and building finances, even as legal experts caution that removing a Fed chair “for cause” would be nearly unprecedented and carry global market risk.
Republican Senator Tim Scott, Chair of the Senate Banking Committee, echoed Trump’s concerns in a letter demanding documentation on renovation expenses. The White House has accused the Fed of running amok, while Powell and his colleagues defend the upgrades as overdue and essential to the institution’s function and staff consolidation.
Conclusion
Thursday’s explosive visit, heavy on rhetoric and tension, lays bare the increasingly personal battle between the President and the Fed chair over money, policy, and power. As Trump departed, he left reporters with a parting shot: “Washington shouldn’t tolerate waste—especially not the Federal Reserve.”