President Trump on Thursday toured the Federal Reserve headquarters renovations, which have ballooned over one billion dollars over budget.
Powell is under fire for the cost of renovating the Fed’s DC headquarters. The cost ballooned from $1.9 billion to $2.5 billion. He currently also faces a criminal referral to the Justice Department from Congresswoman Anna Paulina Luna (R-FL).
Trump announced earlier that he was joined by Senator Tim Scott, Senator Thom Tillis, OMB Director Russ Vought, Chairman of Fannie Mae and Freddie Mac, Bill Pulte, my Appointees to the National Capital Planning Commission, James Blair and Will Scharf, and various other construction professionals.
President Trump also said the renovation will actually cost $3.1 billion or more!
Getting ready to head over to the Fed to look at their, now, $3.1 Billion Dollar (PLUS!) construction project. Also present will be Fed Chair Jerome Powell, Senator Tim Scott, Senator Thom Tillis, OMB Director Russ Vought, Chairman of Fannie Mae and Freddie Mac, Bill Pulte, my Appointees to the National Capital Planning Commission, James Blair and Will Scharf, and various other construction professionals.
Almost immediately after he got in front of the cameras, President Trump called Powell out for going more than one billion over budget. “The 2.7 is now 3.1 [billion],” Trump said.
Powell nodded in disagreement and interrupted, saying, “I’m not aware of that,” and Trump pulled out the receipts with a document from the Fed.
Senator Scott further confirmed that he’s estimating 3.1 or 3.2 billion dollars.
Powell then tried to argue with Trump and say he’s wrong because Trump included a building that was “part of the overall” renovation, said Trump.
Powell said he does not expect additional cost overruns, but “we’re ready for them,” and “we have a little bit of a reserve that we may use.”
“We expect to be finished in 2027,” he added.
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