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Standing in front of the media and flanked by officials, President Trump wasted no time in confronting Powell directly. “The 2.7 is now 3.1 [billion],” he said. Powell, visibly uncomfortable, tried to deflect, responding, “I’m not aware of that.” But Trump came prepared — pulling out physical documents to back up his claim.
According to Senator Scott, the total could creep even higher. “He’s estimating 3.1 or 3.2 billion dollars,” Scott reportedly confirmed during the visit.
Powell then attempted to save face, disputing Trump’s total by claiming the number included a building that was only “part of the overall” renovation. But Trump stood firm and doubled down, making it clear the numbers came straight from the Fed’s own documentation.
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Powell further tried to assure the group that the costs wouldn’t spiral any further. “We don’t expect additional cost overruns, but we’re ready for them,” he said. “We have a little bit of a reserve that we may use.” He also stated, “We expect to be finished in 2027.”
Despite Powell’s reassurances, the scene underscored a growing perception that the Federal Reserve is spiraling out of fiscal control — at taxpayer expense.
This public confrontation comes at a time when Powell is already under mounting scrutiny. Just days ago, Congresswoman Anna Paulina Luna (R-FL) referred Powell for criminal investigation to the Department of Justice, adding fuel to the fire of what could become a major scandal.
Critics say the Fed’s handling of this renovation mirrors the same lack of accountability that’s defined the central bank’s recent track record. With Americans facing record inflation, mortgage crises, and runaway national debt, the optics of a $3.1 billion renovation project couldn’t be worse.
And now, with Trump back in the spotlight, he’s making it clear he won’t let bloated bureaucracies slide under the radar. Armed with facts, flanked by allies, and backed by public outrage, Trump took the moment to draw a sharp contrast between fiscal discipline and federal waste.
The footage of Trump confronting Powell — and Powell’s awkward denials — has already started circulating across social media, prompting an avalanche of questions: Who approved these cost overruns? Why wasn’t Powell aware of them? And just how deep does this rabbit hole go?
One thing’s clear: the heat is on at the Fed, and Trump just turned up the thermostat.
