Trump Visits Federal Reserve Construction Site Amid Cost Overrun

‘It looks like it’s about $3.1 billion. Went up a little bit, or a lot,’ the president said.

President Donald Trump and Federal Reserve Chair Jerome Powell tour the Federal Reserve’s $2.5 billion headquarters renovation project on in Washington on July 24, 2025. Chip Somodevilla/Getty Images

Federal Reserve Chair Jerome Powell disputed President Donald Trump’s cost estimate of renovations at the central bank’s Washington headquarters.

Trump and Powell briefly addressed reporters during a July 24 tour of the construction site, which has been a source of controversy because of the project’s cost overruns.