Federal Research chief Jerome Powell has been under pressure from President Donald Trump because of Powell’s agenda to keep interest rates at current levels.
With the nation’s economy booming, inflation low, mass revenue coming in from tariffs, and a series of international trade deals being developed, Trump wants the interest rates lower, to spur even more economic development.
Powell has resisted, and that resistance has been weaponized because of the hundreds of millions of dollars in cost overruns under his watch as the Fed refurbishes its HQ buildings in Washington.
That work was supposed to come in at $1.8 billion. Then it was estimated to be $2.5 billion.
Now it’s at $3.1 billion, according to documentation that Trump handed Powell during a briefing to reporters.
The two were at the site Thursday to look at the progress being made for all those hundreds of millions of U.S. tax dollars.
Already, Rep. Anna Paulina Luna, R-Fla., has referred Powell to the Department of Justice for criminal charges, accusing him of two specific instances of lying under oath.
Her accusations include that last month Powell “provided testimony under oath before the U.S. Senate Committee on Banking, Housing, and Urban Affairs regarding the renovation of the Federal Reserve’s Eccles Building. In his statements, he made several materially false claims,” she said.
Trump has said it is unlikely he’ll fire Powell, although he apparently could.
In video from the tour of the construction site, Trump noted the new, and higher, estimated of $3.1 billion, which apparently came from Fed staff members.
Powell pointed out that it included a third building, while the lower estimate apparently was for work only one two.
.@POTUS to Fed Chair Jerome Powell on the exorbitant cost overruns of their palace-like HQ renovation: “It looks like it’s about $3.1 billion. It went up a little bit — or a lot.” pic.twitter.com/5Hv8EUPm0m
— Rapid Response 47 (@RapidResponse47) July 24, 2025
At the press availability, Trump was asked what would happen if he, as a real estate developer, came across a project manager who was over budget.
REPORTER: As a real estate developer, what would you do with the project manager who would be over budget?@POTUS: “Generally speaking, what would I do? I’d FIRE HIM!” pic.twitter.com/Pn1amYIF0q
— Rapid Response 47 (@RapidResponse47) July 24, 2025
“Generally speaking, what would I do? FIRE HIM!” he said.
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