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title: Trump and Fed Chair Jerome Powell Bicker Over Cost of Building | TIME
description: President Donald Trump strode through the Federal Reserve’s construction site on Thursday, wearing a white hard hat as he inspected scaffolding and stacks of plywood. At his side was Jerome Powell, the central bank’s chair whom Trump would love to replace.

The two men stood shoulder to shoulder in front of reporters as Trump claimed the renovation had ballooned to $3.1 billion. Powell closed his eyes and shook his head. “I haven’t heard that from anybody,” he said. The figure, he explained, included a separate project completed years earlier. Trump waved it off, joking that as a real estate developer, he would fire the project manager if they overspent. 
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og:title: Trump and Fed Chair Jerome Powell Bicker Over Cost of Building
og:description: President Donald Trump strode through the Federal Reserve’s construction site on Thursday, wearing a white hard hat as he inspected scaffolding and stacks of plywood. At his side was Jerome Powell, the central bank’s chair whom Trump would love to replace.

The two men stood shoulder to shoulder in front of reporters as Trump claimed the renovation had ballooned to $3.1 billion. Powell closed his eyes and shook his head. “I haven’t heard that from anybody,” he said. The figure, he explained, included a separate project completed years earlier. Trump waved it off, joking that as a real estate developer, he would fire the project manager if they overspent. 
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twitter:title: Trump and Fed Chair Jerome Powell Bicker Over Cost of Building
twitter:description: President Donald Trump strode through the Federal Reserve’s construction site on Thursday, wearing a white hard hat as he inspected scaffolding and stacks of plywood. At his side was Jerome Powell, the central bank’s chair whom Trump would love to replace.

The two men stood shoulder to shoulder in front of reporters as Trump claimed the renovation had ballooned to $3.1 billion. Powell closed his eyes and shook his head. “I haven’t heard that from anybody,” he said. The figure, he explained, included a separate project completed years earlier. Trump waved it off, joking that as a real estate developer, he would fire the project manager if they overspent. 
twitter:image: https://cdn.jwplayer.com/v2/media/zRbkranx/poster.jpg?width=720
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* Politics

# Trump and Fed Chair Jerome Powell Bicker Over Cost of Building

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<!-- video src="https://cdn.jwplayer.com/manifests/zRbkranx.m3u8" -->
## Video: Trump and Fed Chair Jerome Powell Bicker Over Cost of Building

[Watch (HLS stream): Trump and Fed Chair Jerome Powell Bicker Over Cost of Building](https://cdn.jwplayer.com/manifests/zRbkranx.m3u8) (1:56)

![Trump and Fed Chair Jerome Powell Bicker Over Cost of Building](https://cdn.jwplayer.com/v2/media/zRbkranx/poster.jpg?width=720)

_Published 2025-07-24. President Donald Trump strode through the Federal Reserve’s construction site on Thursday, wearing a white hard hat as he inspected scaffolding and stacks of plywood. At his side was Jerome Powell, the central bank’s chair whom Trump would love to replace. The two men stood shoulder to shoulder in front of reporters as Trump claimed the renovation had ballooned to $3.1 billion. Powell closed his eyes and shook his head. “I haven’t heard that from anybody,” he said. The figure, he explained, included a separate project completed years earlier. Trump waved it off, joking that as a real estate developer, he would fire the project manager if they overspent._


---

Jul 24, 2025 10:20 PM UTC

---

## More From This Series

[All Videos](https://time.com/video/)

[Jerome Powell Says the ‘Time Has Come’ for the Fed Begin Reducing Interest Rates](/video/SLBQTEr7/)

### Jerome Powell Says the ‘Time Has Come’ for the Fed Begin Reducing Interest Rates

[President Trump Nominates Jerome Powell for Next Fed Chair](/video/qgoHGHwZ/)

### President Trump Nominates Jerome Powell for Next Fed Chair

[Donald Trump Nominates Jerome Powell for Fed Chair](/video/bnj7dcVd/)

### Donald Trump Nominates Jerome Powell for Fed Chair

---


## Transcript

Well, thank you very much. We're looking at the construction and we're with the chairman, as you know. Chairman, come on over. And we're just taking a look at what's happening. And it's a it's a tough construction job. They're building basements where they didn't exist or expanding them and a lot of very expensive work. There's no question about it. So we're taking a look and it looks like it's about 3.1 billion. We went up a little bit or a lot. So the 2.7 is now 3.1 and I'm not aware of that. Yeah it just came out. Yeah I haven't heard that from anybody at the fed. Just came. Out notes added about 3.1 as well 3.13.2 just came from us.

Yes I don't know who does that. Are you including the Martin renovation you just added. Yeah. You just said you just added in a third building is what that is. That's a third building. But it's it's a building that's being built. No, it's been it was built five years ago. We finished Martin five years ago. It's part of the overall work. So it's not new. So we're going to take a look. We're going to see what's happening. Uh and it's got a long way. Do you expect any more additional cost overruns. Don't expect them. Uh, we're we're ready for them, but we we have a little bit of a reserve that we may use, but no, we don't expect to be finished in 2027.

Um, we're well along, as you can see. Uh, nice to take these off every once in a while when we're not under too much danger. Uh, so any questions? Mr. president, does he give you any as a real estate developer, what would you do with a project manager who would be over budget? Uh, generally speaking, what would I do? I'd fire him.

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