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yesterday

Trump Confronts Fed Chair Over $3.1 Billion Renovation in Rare Washington Visit

Trump toured the Fed’s multibillion-dollar renovation with Jerome Powell, disputed its cost estimates, ruling out dismissing the chair before his term ends

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U.S. President Donald Trump looks on as Jerome Powell, his nominee at the time to lead the U.S. Federal Reserve, moves to the podium at the White House in Washington, U.S., November 2, 2017. REUTERS/Carlos Barria/File Photo
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FILE - The sculpture of an eagle looks out from behind protective construction wrapping on the facade as the Federal Reserve Board Building undergoes both interior and exterior renovations, in Washington, Monday, Oct. 23, 2023. (AP Photo/J. Scott Applewhite, File)

Overview

  • Trump’s July 24 visit to the Fed’s Washington headquarters marked only the fourth time a sitting president has toured the central bank’s facilities
  • During a hard-hat tour, Trump challenged Chair Jerome Powell’s cost overruns, insisting the renovation budget had swelled to roughly $3.1 billion, above the Fed’s $2.5 billion figure
  • Despite past threats to fire Powell, the president said he will not dismiss him before his term expires in May even as aides explore legal grounds for removal
  • White House officials led by OMB Director Russell Vought and Treasury Secretary Scott Bessent have publicly demanded internal reviews of the Fed’s non-monetary expenditures
  • The Fed, citing security upgrades and tariff-driven inflation risks, remains on track to hold its benchmark rate at about 4.3 percent at its July 30 policy meeting