Trump Tours the Fed's $2.5 Billion Renovation and Is Corrected by Powell on Camera

On July 24, 2025, President Trump visited the Federal Reserve's headquarters renovation in Washington with Chair Jerome Powell, in a hard-hat tour broadcast live. Trump handed Powell a document asserting the project had reached $3.1 billion. Powell put on his glasses, read it, and corrected him on camera: the figure included the Martin building, which "was built five years ago." The Fed's estimate for the current project is $2.5 billion, up from an initial $1.9 billion. Trump repeated his demand on rates - "I just want to see one thing happen, very simple: interest rates have to come down" - with the federal funds rate then at about 4.3 percent. Asked about removing Powell, Trump said it was "not necessary" and that "I believe he's going to do the right thing."

A presidential site visit to the central bank is close to unprecedented, and the cost dispute functioned as the stated predicate for the removal threats Trump had been making for weeks. The Federal Reserve Act permits removal of a governor only "for cause," and officials had publicly floated the overruns as that cause.

Trump did not attempt to remove Powell, and the Fed left rates unchanged the following week.