President Donald Trump on Thursday (July 24) appeared on the chairman of the Jerome Powell federal reserve system for the reconstruction of the central bank headquarters in Washington of $ 2.5 billion and accused the Fed of excessive and unnecessary expenses.
“It’s a very luxurious situation,” Trump told reporters with reference to plywood protection for historical features and structural improvements. “Let’s say that.”
During the tour of the construction site – a rare public view of the usually discrete Fed operation – Trump claimed that the project costs were balloon. “Did it come from us?” Powell asked, confused by Trump of $ 3.1 billion, which included past renovation. Powell later explained the Fed number at $ 2.5 billion.
“I would fire someone over it”: Trump to exceed cost
Trump, who is known for his property facilities, ridiculed the project’s expenses and compared it with its own reconstruction of the old Hotel of Post in Washington, which said it cost only $ 200 million.
“In my business, I would shoot someone over exceeding the costs like this,” Trump said. “Are you expecting further cost exceeding?” Powell asked directly.
“Don’t expect them,” Powell replied.
Trump: Powell should “do the right thing”
Although the tension was high during the tour, Trump seemed to leave the door open for reconciliation. “I don’t want to be personal,” he said. “I just want to see how it ended.”
Later, he said, “I believe he will do the right thing,” cuts and cuts.
Yet he indicated that Powell’s work could be endangered and said last week, “I think it is (shooting crime).” He added, however, that it was “very unlikely” that Powell would fire before the end of his term in May 2026.
At a separate press conference Trump repeated his displeasure with Powell’s policy: “This stubborn person in the Fed just won’t get it – he never did and never.”
Interest rates remain
Trump has repeatedly invited Powell to reduce interest rates, currently to 4.3%to increase economic growth. The Fed resisted and quoted tariffs and inflation risks as reasons for caution.
Trump joked that he would stop criticizing Powell if he had reduced rates: “I would retreat if he reduced interest rates.”
Rare Access to Fed HQ for Reporters
Thursday’s visit gave journalists a rare view of the Fed, with cement mixers, seismic reinforcements and plastic pipes visible throughout the place. This is the first comprehensive reconstruction of a nearly 90 -year -old building to still have obsolete plumbing work, HVAC and electrical systems extending up to 30 years.
The planned reconstruction of the third Fed building was canceled at the beginning of this year due to the cost of the balloon.
Powell denies the accusation of “luxury”
Fed Chairman The refuted Trump Administration claims that reconstruction includes extravagant features such as roof gardens, VIP dining rooms and marble accents, which were highlighted in the letter of the White House director Russ Vox.
“There is no VIP dining room. There is no new marble. No special lifts. No new water functions. And there are no roof terraces,” Powell said last month by legislators and pushed back to the accusation.
(Tagstotranslate) US Fed HQ 2.5 billion USD Renovation (T) Fed Headquarters (T) Cost exceeding
