Jerome Powell Criticizes Trump Over the Cost of Changes in Federal Reserve Building

SadaNews - A dispute arose between President Trump and Federal Reserve Chairman Jerome Powell as they arrived at the Federal Reserve headquarters in Washington on Thursday to inspect a comprehensive renovation project of two of its buildings. Last week, Trump indicated that Powell's handling of the massive project and its cost overruns might justify his dismissal. However, on Thursday, he stated that he does not believe Powell's removal is necessary. Trump and Powell appeared side by side at the construction site on Thursday—both wearing hard hats—with the President insisting that costs had risen further, reaching $3.1 billion. Powell shook his head and said he had not heard that figure from anyone at the Federal Reserve. Trump handed Powell a document, who put on his glasses to review it. Powell remarked about the Federal Reserve's Martin building: "You just added a third building; that's what it means—it's a third building." Trump replied, "Well, I know, but it’s a construction site." Powell told the President, "No, it was built five years ago. We finished the Martin building five years ago." Trump responded, "It's part of the overall work." Powell confirmed, "It's not new." Trump asked Powell if he expected any further cost overruns. Powell answered negatively. The project is expected to be completed in 2027. After touring the construction site, Trump described the project as "a very luxurious situation." But when asked if the project’s cost and overruns represented an offense that warranted Powell's dismissal, Trump said, "I wish the project were completed. I don’t want to classify that in that category. It’s a very complicated matter, and it could have been simplified." Trump said he feels "satisfied" with his relationship with Powell, and that they had a "productive" conversation on Thursday, but he reiterated the need to lower interest rates. He said, "I just want to see one thing happen, and simply put—interest rates have to come down." A journalist asked Trump why he did not dismiss Powell now, instead of replacing him when his term ends in 2026. The President responded, "That’s a big step; I don’t think it’s necessary. And I believe he will do the right thing."