Friday, September 19, 2025

Trump and Powell clash on camera over Federal Reserve renovation cost – as it happened

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Trump and Powell clash on camera over Federal Reserve renovation cost

Donald Trump just attempted to ambush Jerome Powell, the Federal Reserve chair, during his site visit to inspect the renovation of the central bank’s historic headquarters in Washington.

When Trump paused before reporters to make a statement, he beckoned Powell over to stand next to him on camera. The president then claimed that the total cost of the renovations to the Federal Reserve buildings was $3.1bn, a higher figure than had previously been reported.

Donald Trump and Jerome Powell had a tense disagreement during a tour of the Federal Reserve renovations on Friday in Washington.

As Trump made this claim, Powell nodded his head no, to signal his disagreement.

“I’m not aware of that,” Powell said. “I haven’t heard that from anybody at the Fed.”

Trump insisted that this new figure “just came out” and removed papers from his coat, as apparent proof, and handed them to Powell.

“This came from us?” Powell asked.

After Trump said that the new figures had come from his people, Powell discovered why the figure for the renovation was suddenly much larger. “You included a third building,” he said.

Trump insisted that the third building was part of the total cost of the renovation he has accused Powell of mismanaging in an effort to find some cause to remove the independent Fed chairman who has refused to lower interest rates at the president’s request.

The third building Trump suddenly claimed is part of the renovation, Powell explained, “was built five years ago. It’s not new.”

Trump was flanked by his staunch ally, Republican senator Tim Scott of South Carolina, who also suggested that the renovations had gone too far over budget.

Powell, asked if they expected any further cost overruns, replied, “Don’t expect them” but said that the independent central bank was “ready for them” if necessary.

Trump then called on a friendly reporter, who asked him what, as a builder, he “would do with a project manager who is over budget”.

“Generally speaking, ”Trump said, “I’d fire him.”

As Trump, Powell and Scott stepped away from the media to continue the tour, Trump said that there is something that Powell could do to assuage his concerns about the cost of the renovations. “I’d love him to lower interest rates,” he said.

Powell has asserted, repeatedly, that the president does not have the power to fire him, as the head of an independent agency, and that decisions on interest rates must be immune to political pressure.

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Key events

Closing summary

This concludes our live coverage of the second Trump administration for the day. Here are the latest developments:

  • Donald Trump tried and failed to ambush Jerome Powell, the Federal Reserve chair, during an on-camera exchange as the president inspected the renovation of the central bank’s historic headquarters in Washington.

  • The US supreme court temporarily blocked a lower court ruling that would have significantly limited the power of the Voting Rights Act and only allowed the Justice Department to file claims under the landmark civil rights law.

  • Trump’s hand-picked chairman of the Federal Communications Commission, Brendan Carr, announced that “the FCC approved Skydance’s $8 billion acquisition of Paramount”.

  • Deputy attorney general, Todd Blanche, who was Trump’s criminal defense lawyer just last year, wrote that after meeting with Ghislaine Maxwell, a former socialite who was convicted of conspiring with Jeffrey Epstein to recruit, groom and sexually abuse girls, he intends to spend more time interviewing her on Friday.

  • A leather-bound book of birthday greetings presented to Jeffrey Epstein in 2003 included messages from about 20 associates listed as “Friends”, including Donald Trump, Bill Clinton and Alan Dershowitz, the Wall Street Journal reports.

  • As Trump continues to insist that a letter and drawing attributed to him by the Wall Street Journal in leather-bound book of birthday greetings presented to Epstein in 2003 is “fake”, the New York Times reports that Trump’s name appears in a list of contributors to the book it has reviewed.

  • Greg Kelly, a host on the partisan, pro-Trump network Newsmax told his viewers on Wednesday night that Maxwell “just might be a victim”.

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