President Donald Trump visited the Federal Reserve on Thursday, July 24, to inspect renovations. The tour comes amid calls from the president for Fed Chair Jerome Powell to resign, and the two tussled a bit over financial details during the visit.
Price tag disagreement
Trump, Powell and Senate Banking Committee Chairman Tim Scott, R-S.C., toured the facility before stopping to take questions from the media.
That’s when the president and Powell got into a little spat over the cost of the renovations.
Trump: “It looks like it’s about $3.1 billion, it went up a little bit, or a lot. So, the 2.7 is now 3.1.”
Powell: “I’m not aware of that, Mr. President.”
Trump: “It just came out.”
Powell: “I haven’t heard that from anyone at the Fed.”
The president then pulled out a piece of paper and handed it to Powell to look at.
Powell: “You’re including the Martin renovation. You just added in a third building, is what that is — it’s a third building.”
Trump: “But it’s a building that’s being built.”
Powell: “No, it was built five years ago, we finished Martin five years ago.”
Trump: “It’s part of the overall…”
Powell: “It’s not new.”
Powell was recently accused of lying under oath about the renovations, which have ballooned in cost over the last several years.
Trump v. Powell
Following that exchange, the president then took the opportunity to continue his ongoing criticism of Powell for not lowering federal interest rates.
“I’d love him to lower interest rates, but other than that, what can I tell you?” Trump said.
Powell has refused to do that over concerns of inflation and said the Fed would have cut rates already if not for Trump’s tariffs.
The president reportedly drafted a letter firing Powell. When asked during the tour if the renovations going over budget was a fireable offense, the president said, “I just don’t think it’s necessary.”
Reporters also asked the president if there was anything Powell could do to get Trump to back off from criticism. Trump responded, “lower rates,” as he gave Powell a friendly tap on the back.
Trump said the two men discussed lowering rates during the tour and called the talks productive.
The next interest rate decision will come on July 30, and Powell is expected to leave rates unchanged. He’s also expected to address the media after making that decision.
