Fed Chair Jerome Powell called out President Trump for lying about the cost of renovations to the Federal Reserve headquarters.
Trump has been purposefully trying to increase the cost of the renovations so that he can blame Powell for mismanaging funds, as a pretext for firing him.
“It looks like it’s about $3.1 billion, it went up a little bit. Or a lot,” Trump said to the press, while standing next to Powell wearing matching hard hats. “So the $2.7 is now 3.1.”
“I’m not aware of that,” Powell interjected, looking visibly concerned.
“It just came out,” Trump replied.
“I haven’t heard that from anybody at the Fed,” Powell said.
“It just came out,” Trump repeated, unfurling a piece of paper he had folded in his suit pocket and handing it to Powell.
“This came from us?”
“Yes. I don’t know who does that,” Trump said, pointing at the paper.
“You’re including the Martin renovation, you just added in a third building is what that is. That’s a third building,” said Powell.
“Well I know, but it’s a building that’s being built.”
“No, it was built five years ago. We finished Martin five years ago.”
“It’s part of the overall work.”
“It’s not new.”
“So we’re gonna take a look, we’re gonna see what’s happening, and it’s got a long way. Do you expect any additional cost overruns?” Trump asked.
“Don’t expect ’em. But we’re ready for ’em. We have a little bit of a reserve that we may use, but no, we don’t. We expect to be finished in 2027. We’re well along, as you can see.”
Trump has targeted Powell for some time now, as the Fed chair has repeatedly refused to lower interest rates to help the president. Trump has made it known that he wants Powell fired, and this number fudging was purely antagonistic. At least Powell was there to fact-check him.
Trump: It looks like it’s about $3.1 billionPowell: I’m not aware of that.Trump: It just came outPowell: You just added in a third building Trump: It’s a building that’s being builtPowell: It was built five years ago. pic.twitter.com/aVZaZ9BD3T
— Acyn (@Acyn) July 24, 2025
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