Federal Reserve Chair Jerome Powell publicly pushed back Thursday against President Donald Trump‘s assertion that renovations at the Fed’s headquarters had ballooned to $3.1 billion, up from the originally cited $2.5 billion. During a tour of the site with lawmakers and White House officials, Trump held up a document that he said supported his estimate.
“I’m not aware of that, Mr. President,” Powell responded, reviewing the document and clarifying it included costs from a separate building completed five years ago. “It’s not new,” he added, correcting Trump’s claim.
Trump, who previously hinted that Powell could be fired over cost overruns, softened his stance but said that, as a real estate developer, he would dismiss a project manager for running over budget. Powell has requested an internal review from the Fed’s inspector general and published a public explanation outlining the reasons behind the cost increases.
White House budget officials, including James Blair and Russell Vought, have criticized the renovation project, citing regulatory and fiscal concerns. Sens. Tim Scott (R-SC) and Thom Tillis (R-NC), both members of the Fed oversight committee, joined the tour amid growing scrutiny.
Powell’s term as Fed Chair is set to expire next May.
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