Powell Surprised by Trump’s Cost Estimate on Fed Renovations

During a recent meeting, Federal Reserve Chairman Jerome Powell seemed taken aback when President Donald Trump presented him with a document revealing that the expenses for the Fed’s construction projects were higher than originally stated.

Powell shook his head upon hearing Trump mention a staggering $3.1 billion cost estimate, which contrasts sharply with earlier figures of $2.5 billion reported for renovations at the agency’s headquarters. Trump kick-started the discussion by elaborating on some ongoing work being done.

“We’re just looking at what’s happening. There’s construction here, they’re even building and expanding basements that don’t actually exist. It’s undeniably a costly job,” he noted, acknowledging Republican Senator Tim Scott from South Carolina, who has been involved in the discussions.

Scott added, “We wanted to investigate the project because costs were overrunning. So, it seems like it’s gone up quite a bit. We’re seeing $3.1 billion instead of the previous $2.7 billion. It’s just coming to light.”

This renovation issue has prompted Florida Republican Rep. Anna Paulina Luna to bring Powell’s actions to the attention of the Department of Justice, claiming perjury. Powell looked quite surprised when Trump mentioned this new development.

“I had no idea about this. I haven’t heard that from anyone,” Powell said, appearing to need his glasses to sift through documents that Trump had taken from his jacket as Scott verified the $3.1 billion figure.

Powell clarified that this amount encompasses “The Martin Renovation.”

It should be noted that tension has arisen between Trump and Powell over the Federal Reserve’s reluctance to lower interest rates. When a reporter asked Trump how he would handle a project manager dealing with substantial cost overruns during his time as a real estate developer, Trump responded, “Generally, what would I do? I’d fire him.”