Trump and Powell bicker over cost of Fed building renovations as president visits site
Share and Follow

ByCHRISTOPHER RUGABER, JOSH BOAK and CHRIS MEGERIAN AP logo

Thursday, July 24, 2025 9:17PM

Trump and Powell bicker over cost of Fed building

President Donald Trump publicly scorned Federal Reserve Chair Jerome Powell on Thursday for the cost of an extensive building renovation as the two officials began a tour of the unfinished project.

President Donald Trump publicly scorned Federal Reserve Chair Jerome Powell on Thursday for the cost of an extensive building renovation as the two officials began a tour of the unfinished project.

Trump said the project cost $3.1 billion, much higher than the Fed’s $2.5 billion figure, while Powell, standing next to him, silently shook his head.

President Donald Trump listens as Federal Reserve Chairman Jerome Powell speaks during a visit to the Federal Reserve, Thursday, July 24, 2025, in Washington.

President Donald Trump listens as Federal Reserve Chairman Jerome Powell speaks during a visit to the Federal Reserve, Thursday, July 24, 2025, in Washington.

AP Photo/Julia Demaree Nikhinson

“This came from us?” Powell said, then figuring out that Trump was including the renovation of the Martin Building that was finished five years ago.

“Do you expect any more additional cost overruns?” Trump asked.

Federal Reserve Chairman Jerome Powell looks over a document of cost figures as President Donald Trump points during a visit to the Federal Reserve, Thursday, July 24, 2025, in Washington.

Federal Reserve Chairman Jerome Powell looks over a document as President Donald Trump points during a visit to the Federal Reserve, Thursday, July 24, 2025, in Washington.

AP Photo/Julia Demaree Nikhinson

“Don’t expect them,” Powell said.

Trump said in his career as a real estate developer he would fire someone for cost overruns. The president joked that he would back off Powell if he lowered interest rates.

This is a developing story. Please check back for updates.

Copyright © 2025 by The Associated Press. All Rights Reserved.

Share and Follow
You May Also Like
US drug overdose deaths plummet 20% as Trump administration cracks down on southern border

US Sees 20% Drop in Drug Overdose Deaths Following Stricter Southern Border Policies Under Trump Administration

The latest statistics from the Centers for Disease Control and Prevention reveal…
Miami vs. Indiana: Hoosiers completes undefeated season, wins 1st national title, beating Hurricanes 27-21 in CFP final

Indiana Hoosiers Claim First National Title with 27-21 Victory Over Miami Hurricanes in Thrilling CFP Final

In a thrilling conclusion to an unforgettable journey, Indiana secured a place…
Dolly Parton releases new music to celebrate 80th birthday

Dolly Parton Debuts New Music Collection in Honor of Her 80th Birthday Celebration

Dolly Parton is ringing in her 80th birthday with a musical treat…
ICE says immigrant who died in Texas detention center committed suicide

ICE Reports Texas Detention Center Death as Suicide

U.S. Immigration and Customs Enforcement (ICE) has reported that the death of…
Mandarin High alum Carson Beck plays for national championship with University of Miami

Mandarin High’s Carson Beck Shines as University of Miami Battles for National Championship Glory

In 2018, Carson Beck clinched a championship title with Mandarin High School,…
Elderly South Carolina couple found dead in their home in suspected homicide

Tragic Discovery: Elderly Couple in South Carolina Found Deceased in Possible Homicide Investigation

A tragic incident has unfolded in South Carolina, where the deaths of…
Trial for Chicago man Juan Espinoza-Martinez accused of putting hit on Border Patrol Chief Gregory Bovino begins

High-Stakes Trial: Chicago Man Faces Charges for Alleged Assassination Plot Against Border Patrol Chief

The trial of a Chicago man, accused of orchestrating a plot against…
Grand Rapids, MI weather: 100-vehicle pileup crash closes I-196 in Hudsonville, Michigan during icy conditions, police say

Massive 100-Vehicle Crash Shuts Down I-196 in Hudsonville Amid Icy Weather Conditions

HUDSONVILLE, Mich. (WLS) — A major traffic incident occurred in western Michigan…