President Donald Trump publicly scorned Federal Reserve chair Jerome Powell on Thursday for the cost of an extensive building renovation as the two officials began a tour of the unfinished project.
Trump said the project cost $3.1 billion, much higher than the Fed’s $2.5 billion figure, while Powell, standing next to him, silently shook his head, before telling the president that he wasn’t ‘aware of that’, adding: “I haven’t heard that from anybody at the Fed.”
The president then pulled out a document from his pocket and handed it to Powell to read.
“This came from us?” Powell said. He then realized that Trump was referring to the renovation of the Martin Building, which had been completed five years prior.
“Do you expect any more additional cost overruns?” Trump asked, to which Powell replied: “Don’t expect them.”
Trump said that in his career as a real estate developer, he would have fired someone for cost overruns. The president joked that he would back off Powell if he lowered interest rates.
Trump said that in his career as a real estate developer, he would have fired someone for cost overruns. The president joked that he would back off Powell if he lowered interest rates.
Meanwhile, Trump is said to want it to be at just one percent.
