Trump slams Federal Reserve’s $3.1B building renovation

While President Donald Trump pledged to make Washington, DC, “safer and more beautiful”, he also pledged to prevent people from spending billions to fix a building when there are other problems that must be resolved, in reference to the renewal of the Federal Reserve in Washington, DC, DC.

In a social publication on Sunday, Trump announced that he would hold a press conference on crime and “beautifying” in the White House press briefing room on Monday morning. He pointed out that this event will not only involve the end of “crime, killing and death” in the nation’s capital, but will also focus on “general hygiene and renewal and the state of beautiful capital and its maintenance well.”

“We will not allow people to spend $ 3.1 billion to repair a building, such as the Federal Reserve, which could have been done in a more elegant and sensitive way for a time for $ 50 to 100 million dollars,” Trump wrote. “The renovation was really better, and it would save $ 3 billion, and the traffic traffic and an endless building.”

The comment was the most recent public attack by Trump against Federal Reserve Chairman Jerome Powell and his leadership in the central bank, despite his appointment as Federal Reserve President in 2017.

Four main meals from Trump’s visit to the Federal Reserve with Powell

In a tense moment in front of the media last month, Trump and Powell differed about the estimated cost of renewal. Trump said that the project was $ 3.1 billion, as Powell shook his head.

“I am not aware of this,” Powell told the president.

Then Trump withdrew a document to show Powell, and is supposed to show the cost he had previously martyred. The Federal Reserve Chairman read the document immediately and said that the number that Trump cited a project that was completed years ago.

The president tried to defend his demand, saying that the building concerned was “part of public work.”
Powell, though, he shot, saying, “It is not new.”

Trump insists on “lack of tension” with Powell after the meeting despite the embarrassing clash on the camera due to the cost of renewal

The President of the Federal Reserve, Jerome Powell, is witnessing before the Senate Committee for Banking Services, Housing and Urban Affairs during a hearing to study the “Semi -annual monetary policy report to congress” in Captain Hill on June 25, 2025, in Washington, Dr. (Kent Nishimura / Getty Images / Getty Images)

Trump asked Powell if he expected to have “additional costs” in the renovations, and the Federal Reserve Chairman said no, but “we are ready for them.”

Later in the tour, Trump described the renewal as a “very expensive project” “that came out of control”, although he added, “It is happening. It is a shame.”

Trump told correspondents at the Federal Reserve Building that he was “very bad starting”, but he “wants to see him.”

The date of the project’s end may be far from the president who had previously hoped, as Powell told reporters that the Federal Reserve does not expect to finish the renovations by 2027.

Trump compares speaking to Powell to “Speak to a Chair” while promoting his economic expectations

US President Donald Trump and Federal Reserve Chairman Jerome Powell speaks during a tour of the Federal Reserve Building, which is currently underwent renovations, in Washington, DC, July 24, 2025. (Reuters / Kent Nishimura / Reuters)

The President also recently called on a president to reduce interest rates to enhance the economy, which Powell refused to do.

Earlier this month, Trump moved to the social truth platform to urge the Federal Reserve Governor Council to control Powell if he resisted immediate interest rate discounts.

Trump wrote, “Jerome” is very late, “Powell, a stubborn fool, who must significantly reduce interest rates, now.” “If he continues to reject it, the council must bear control, and do what everyone knows!”

The federal reserve defines the interest rate policy collectively through a committee of 12 members known as the FOOC Open Market Committee (FOMC), which votes on these decisions with each member-including Powell- receives one vote.

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FOMC is not to meet again until 17-18 September, which will leave an extraordinary meeting in emergency situations as the only way through which politics can reduce prices early.

Eric Rafel and Rashel Wolf contributed to Fox Business.