President Donald Trump personally visited the Federal Reserve headquarters to inspect the controversial billion-dollar renovation project overseen by Fed Chair Jerome Powell. Reports surfaced that Powell initially tried to block White House staff from touring the costly overhaul, prompting Trump to take matters into his own hands and show up unannounced. The president’s bold move highlights his ongoing frustration with the Fed’s leadership—not just over monetary policy, but also over what he sees as reckless spending and a lack of transparency.
On Thursday, President Trump toured the Federal Reserve building to check on Powell’s $3.1 billion “renovation." In a Truth Social post, he said that he would be meeting with Powell himself, as well as Sen. Tim Scott (R-SC), OBM Director Russ Vought, Sen. Thom Tillis (R-NC), his appointees to the National Capital Planning Commission, James Blair, and Will Scharf, among others.
.@POTUS has arrived at the Federal Reserve pic.twitter.com/bkyMQs1dmg
— Rapid Response 47 (@RapidResponse47) July 24, 2025
.@POTUS to Fed Chair Jerome Powell on the exorbitant cost overruns of their palace-like HQ renovation: "It looks like it's about $3.1 billion. It went up a little bit — or a lot." pic.twitter.com/5Hv8EUPm0m
— Rapid Response 47 (@RapidResponse47) July 24, 2025
A reporter asked Trump, "As a real estate developer, what would you do with the project manager who would be over budget?"
"Generally speaking, what would I do? I'd FIRE HIM!" Trump responded.
Another reporter asked Trump if his visit to the Federal Reserve was meant to put pressure on Powell to resign.
"Is this meant to put pressure on Jerome Powell to resign?"@POTUS: "No, there's no pressure... I think he's going to do the right thing. Everybody knows what the right thing is. Even people that believed in the higher rates — they all want to see the interest rates come down." pic.twitter.com/De5PwBbIWt
— Rapid Response 47 (@RapidResponse47) July 24, 2025
This visit comes amid President Trump’s growing calls for Jerome Powell to resign. Earlier this year, the Trump administration launched an investigation into the soaring cost overruns tied to the Federal Reserve’s renovations of its Washington, D.C. headquarters, as part of broader pressure on the Fed to cut interest rates. Originally estimated at around $1.9 billion before the pandemic, the renovation costs for the Marriner S. Eccles Building and an adjacent facility have ballooned to $2.5 billion. Recently, White House official Russell Vought sent a letter to Powell demanding answers about his testimony and whether the renovation plans complied with the National Capital Planning Commission’s guidelines. This probe is also being viewed as a potential pretext to remove Powell “for cause.” Trump has called the extravagant construction project a fireable offense, insisting it’s time to put an end to the Fed’s mismanagement.
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