Federal Reserve Chairman Jerome Powell pushed back on President Trump’s cost estimate of renovations at the central bank’s headquarters during a tour of the site on Thursday.
“It looks like it’s about 3.1 billion. Went up a little bit, or a lot,” Trump said, asserting the cost of the renovation had increased from the previously estimated $2.5 billion.
Powell, standing next to Trump as he addressed reporters, shook his head.
“I’m not aware of that, Mr. President,” Powell said. “I haven’t heard that from anybody at the Fed.”
Trump pulled out a piece of paper from his suit jacket that he said backed up his estimate. Powell pulled out his glasses to examine the document more closely before telling Trump that it included the cost of another building that had been completed five years ago.
“It’s part of the overall work,” Trump said.
“It’s not new,” Powell responded.
Trump and several administration officials, as well as Sen. Tim Scott (R-S.C.) and Sen. Thom Tillis (R-N.C.), who both serve on the Senate Finance Committee which oversees the instition, toured the Federal Reserve amid scrutiny of renovations of the central bank’s headquarters.
Top White House officials have zeroed in on a $2.5 billion renovation of the space, pointing to cost overruns and questions about whether Powell ran afoul of regulations.
White House deputy chief of staff James Blair and White House budget chief Russell Vought have led the charge in focusing on the renovations, and the president earlier this month suggested the cost overruns could be a fireable offense for Powell. He has since backed off and indicated he does not intend to fire the chair before his term expires next May.
During the tour, Trump did not say if the renovation issues gave him cause to fire Powell, but said that as a real estate developer, he would would fire a project manager who was over budget.
Powell has asked the inspector general of the central bank to review the renovations, and the Fed has posted an explainer to its website detailing why the project has faced increased costs.
