Trump's Fed cost claim fact-checked to his face — by the head of the Fed
Trump was critical of renovation cost overuns — which Powell pointed out were inaccurate
U.S. President Donald Trump and Federal Reserve Chair Jerome Powell bickered face to face Thursday over the cost of renovations of the central bank's Washington headquarters, with the Fed leader saying the president was wrong about the cost of the overhaul.
Trump, standing shoulder to shoulder with Powell as both wore construction helmets, said Fed renovation costs had jumped from $2.7 billion US to $3.1 billion US, causing the Fed chief to silently shake his head and then say, "I'm not aware of that."
Trump replied, "It just came out," and Powell again questioned where the president's number had come from, as it had not come from the central bank.
Powell then noted that it appeared that the president had included in the current cost of fixing up two buildings what it cost to overhaul an additional central bank office. "You just added in a third building," he said.
"That was built five years ago. We finished Martin five years ago," the Fed leader said.
Powell also noted as he stood next to Trump that he didn't anticipate any more cost overruns but the Fed has reserves to deal with them if needed.