Trump claims Federal Reserve building overhaul has increased to $3.1B

President Donald Trump on Thursday afternoon claimed during a tour of the Federal Reserve that the costs of the central bank's construction and renovation projects have increased from a projected $2.5 billion to $3.1 billion.

The Trump administration and Congress previously criticized the ongoing renovations for being at least $700 million over budget. The construction includes renovations to its headquarters, which reportedly includes new “rooftop terrace gardens, VIP private dining rooms and elevators, water features, and premium marble.”  

Trump, who toured the facility with a group of construction professionals in his administration and Congress, argued with Federal Reserve Chairman Jerome Powell over the increasing costs, which Powell claimed included the cost of another building that was completed five years ago.

“It looks like it’s about $3.1 billion. Went up a little bit, or a lot,” Trump told reporters. 

Powell responded that he had not heard the new number from anyone at the reserve, to which Trump pulled out a paper that contained his estimate, including construction on the Martin building from half a decade ago. That construction was still completed under Powell, who was sworn in as chairman in 2018.

“It’s part of the overall work,” Trump said.

“It’s not new,” Powell responded.

Trump, who has also criticized Powell for not lowering federal interest rates, also said that he was not looking to fire the chairman over the construction but that he would have fired other project managers if they ran over budget. 

"To do that is a big move and I just don’t think it’s necessary," Trump told reporters. "I believe he’s going to do the right thing." 

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.