President Donald Trump and Federal Reserve Chair Jerome Powell shared a heated moment while touring the ongoing renovations of the Fed's headquarters.
On Thursday, July 24, the president made a rare visit to the Federal Reserve building amid claims that Powell committed a potential fraud related to the outrageous cost of the agency's $2.5 billion headquarters renovation of two historic buildings on the National Mall.
Trump and several White House advisers requested to go on the tour to inspect the work firsthand.
Talking with the media, the 47th US president noted that the project has now used up to $3.1 billion, to which Powell quickly interrupted, noting, "I'm not aware of that. Mr. President. I’ve not heard about that from anyone at the Fed."
The president then handed him the document, and after analysing it, the Fed Chair informed him that the additional figure also included the cost of renovating the Martin Federal Building, which was completed in 2020.
The original cost of the current renovation was estimated at $1.9 billion in 2019 and then was eventually increased to $2.5 billion.
Though Trump has been fixated on the cost of the Fed's renovation, the president has for months criticised Powell for keeping interest rates steady and for not lowering them.
Before they began their less-than-an-hour tour, Trump was asked by a reporter what he would do during his long career as a real estate developer with project managers who went overboard with their budgets.
"Generally speaking, what would I do? I'd fire him," Trump said, later pointing to expensive underground garage parking and basement expansions as unnecessary add-ons.
However, after the tour was finished, the president had different opinion, as he revealed to the press that there was a "very luxurious situation taking place" with the renovation and insisted there was no tension.
"I don't want to put that in this category," Trump said when asked whether the project is a "fireable offence."
Trump nominated Powell as Fed chair in 2017 and he was confirmed by the Senate in January 2018 for a four-year term and again in 2022 after former President Joe Biden renominated him for the post.
