Trump-Powell Clash Over Fed Building Cost Caught On Camera

Last Updated:July 25, 2025, 23:18 IST

The disagreement appears to stem from an ongoing rift between the two.

Trump originally nominated Powell to lead the Federal Reserve during his first presidential term in 2017 (X Image)

US President Donald Trump’s views on Jerome H. Powell, the Chair of the Federal Reserve, are well known, largely due to his repeated public criticism of the official. This time, however, President Trump chose to take his concerns offline. On July 24, he visited the Federal Reserve in Washington, with Powell present, to inspect the construction site at the central bank’s headquarters.

The high-profile visit took an unexpected turn, parts of which were captured on video and have since circulated widely on social media. During the visit, Trump raised concerns about the cost of the ongoing renovations. According to a report by The New York Times, the visit, attended by Trump and several White House officials, was specially arranged to investigate allegations of mismanagement linked to Powell in relation to the renovation project.

A tense exchange between Trump and Powell occurred during the inspection and was caught on camera. While speaking to reporters before the tour, Trump stated that he was there to assess the progress of the renovations. Estimating the project cost, he said, “It looks like it’s about $3.1bn." Powell shook his head in disagreement and responded, “I’m not aware of that. I haven’t heard that from anybody at the Fed." So far, the Federal Reserve has indicated that the cost of renovations is approximately $2.5 billion.

Trump then pulled a sheet of paper from his pocket and handed it to Powell, who briefly glanced at it and returned it. Powell noted that Trump was “adding a third building" to the total cost. Trump replied, “It’s a building that’s being built." Responding to the claim, Powell clarified, “It’s a building that was built five years ago… it’s not new."

After the visit, Trump posted on his social media platform, once again criticising Powell. “Let’s just get it finished and, even more importantly, lower interest rates!" he wrote.

The disagreement appears to stem from an ongoing rift between the two. Trump has repeatedly attacked Powell over the pace of interest rate cuts and has even hinted at removing him from office.

Trump originally nominated Powell to lead the Federal Reserve during his first presidential term in 2017. Powell was later renominated by President Joe Biden. His current term is set to conclude in May 2026.

Trump’s visit to the Federal Reserve comes ahead of the Fed’s upcoming meeting in Washington next week, where policymakers might decide to keep interest rates unchanged.

Washington D.C., United States of America (USA)

News world Trump-Powell Clash Over Fed Renovation Costs Caught On Camera