Donald Trump appears to have made his peace with the costly renovation of the Federal Reserve, hours after being embarrassed when he was fact-checked in real time by one of his main foes.
Trump already appeared dismayed by the cost of the project before arriving, wiriting on truth social how Trump highlighterd the “$3.1 Billion Dollar (PLUS!) construction project.”
During a visit to the site on Thursday to inspect the work being done at the central bank’s headquarters in Washington, Federal Reserve chairman Jerome Powell questioned the president’s claim the delayed renovations were now costing $3.1 billion.
“I’m not aware of that,” Powell said. “I haven’t heard that from anybody at the Fed.” Trump has been highly critical of Powell this year, even threatening to fire him if he did not resign.
Powell then pointed out the Trump administration’s calculations had included the Martin building, which had already been renovated and reopened in 2021.
Fronting reporters, Trump asked Powell if he expected any more “cost overruns” with the project. He replied he didn’t expect them, but was ready for them. “We have a little bit of a reserve that we may use, we expect to be finished in 2027.”
When asked what he would normally do with a project manager who went over budget, Trump said “I’d fire him,” with Powell standing next to him. Trump then changed tact, noting, “I’m really just here with the chairman, he’s showing us around, showing us the work… and so I don’t want to be personal. I would like to see it get finished… it looks like it’s got a long way to go.”
The visit follows the Trump administration telling reporters earlier this month they wanted to inspect the site, claiming Powell had been mismanaging the project, leading to increased costs.
Yet by Thursday night, Trump took to his Truth Social account to put his spin on the renovations.
“It’s got a long way to go, would have been much better if it were never started, but it is what it is and, hopefully, it will be finished ASAP.”
Trump said the amount it was going over budget was “substantial”, then added, “on the positive side, our Country is doing very well and can afford just about anything — Even the cost of this building! I’ll be watching and, hopefully, adding some expertise.”
Trump then discussed his company renovating the Old Post Office in Washington, which was turned from a federal office building into a Trump International Hotel which opened in 2016. The two year renovation cost $200 million. After being sold in 2022, it was rebranded the Waldorf Astoria Washington D.C.
“As everyone knows, I renovated the Old Post Office on Pennsylvania Avenue, and it was a roaring SUCCESS,” Trump said on Truth Social. “The total Construction cost was a small fraction of the Fed Building’s cost, and it is many times the size. With all of that being said, let’s just get it finished and, even more importantly, LOWER INTEREST RATES!”
Powell and Trump have clashed repeatedly over lower interest rates.
Earlier this month, Trump gave Powell the nickname, “Too Late,” and claimed he was doing a “lousy job,” suggesting he should “resign immediately.”
The president said, “He’s a terrible Fed chair. I was surprised he was appointed. I was surprised, frankly, that Biden put him in and extended him.”
It was actually Trump who appointed Powell during his first presidency. He was then reappointed by Joe Biden.
On Thursday, Trump and Powell played nice when speaking to reporters at the renovation site. When asked if he still wanted to sack Powell he dialed down his threats, noting, “To do so is a big move and I just don’t think it’s necessary. And I believe he’s going to do the right thing.”
The post Trump Backs Off Federal Reserve Renovation After Spending Day Dissing It appeared first on The Daily Beast.
