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2w ago

Trump and Powell Clash Over Fed Renovation Costs Before Endorsing Project Completion

Public tension on soaring budget estimates gave way to the president’s backing of the Marriner S. Eccles overhaul as firing the Fed chair proved legally constrained.

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Overview

  • On July 24, Trump toured the Marriner S. Eccles Federal Reserve building and claimed renovation costs rose from $2.7 billion to $3.1 billion, prompting Powell to publicly dispute the figure.
  • The two exchanged tense remarks on camera as Powell clarified that the higher number included work on a previously completed building.
  • Trump later told reporters there was “no tension” between them and expressed confidence in Powell during the walk-through.
  • After reviewing the project details, the president reversed his earlier criticism and ordered the renovation to be finished as quickly as possible.
  • Formal scrutiny by the Office of Management and Budget and protections under the Federal Reserve Act have all but ended talk of firing Powell for now.