Renovations at the Federal Reserve building are not only lagging behind schedule but also exceeding budget expectations, much to the displeasure of President Donald Trump. With a background that spans from construction to reality TV before his political career, Trump is well-versed in the intricacies of building projects. However, this particular situation has clearly struck a nerve, prompting him to express strong criticism towards Fed Chair Jerome Powell and the ongoing refurbishment on Monday.

In my former line of work, I was quite familiar with the processes of hiring and firing. Often, a hiring decision that seems sound initially can later prove regrettable, necessitating a change. However, the process of replacing a Fed chair involves much more complexity and nuance.

Realistically, there was likely little that the Federal Reserve or Chairman Powell could have done to influence the 2024 presidential election in favor of the Republicans. The Democrats had a weak lineup of candidates and ended up selecting the least favorable options, both for president and vice president. The tension between Trump and Powell, however, has a long history.

Trump spoke at a Mar-a-Lago press conference alongside Israeli Prime Minister Benjamin Netanyahu and slammed Fed Chair Powell as a “fool.” Powell, who was appointed as Fed chair by Trump in 2017 and was reappointed by then-President Joe Biden in 2021, will see his term as chair expire in May.

In my previous career, I did a fair amount of hiring and firing. Sometimes you make a hiring decision you regret later, which is where the “firing” part usually comes in. But in the case of a Fed chair, it’s a little more complicated than that. 

The president defended his project to build a ballroom at the White House and contrasted it with the Fed’s renovation, saying that, “We’re under budget and ahead of schedule, and they’ve wanted it for 150 years. Think of it. The Federal Reserve building, two buildings, they don’t know what they’re doing. They’re way over budget. I mean, most of this was built during the Biden administration.”

“‘Too late’ Powell, ‘too late,’ because he’s always too late with interest rates, except before the election, it was too early because that was supposed to help her get elected. It had no impact, we won all seven swing states,” Trump said.

Let’s be honest, there was probably nothing the Fed or Chairman Powell could have done to tip the 2024 presidential election the other way; the Democrats had a terrible field, and they unerringly chose the very worst candidate, who then went on to choose the very worst possible running mate. But the bad blood between Trump and Powell goes back a ways.