Trump Says, "Normally I Fire Managers Who Go Over Budget"
Tells Powell, "I Wish You Would Lower Interest Rates"
On July 24 (local time), U.S. President Donald Trump made a surprise visit to the headquarters of the Federal Reserve (Fed). This marks the first visit by a sitting president to the Fed headquarters in about 20 years, and it is being interpreted as a direct move to pressure Fed Chair Jerome Powell, who has refused Trump's demands for an interest rate cut.
President Trump visited the Fed headquarters in Washington, D.C. on this day and toured the building renovation site with Chair Powell.
When asked what he would do if there was a manager who exceeded the construction project budget, he responded, "What would I usually do? I fire them."
President Trump criticized the excessive spending, stating that the cost of renovating the Fed's headquarters amounts to $3.1 billion. Previously, the White House criticized the Fed for spending $2.5 billion, which is $700 million more than the initial budget, but this time, President Trump mentioned an even higher amount, thereby increasing the pressure.
Chair Powell immediately countered by saying that the amount President Trump mentioned "also includes the budget for buildings that have already been completed."
President Trump continued to reiterate his demand for an interest rate cut.
President Trump said, "I wish he (Chair Powell) would lower the interest rates a bit. What else is there to say?" as he tapped Chair Powell on the arm, to which Powell responded with a smile. He then added, "It's nothing personal," and said, "I just hope the construction will be finished soon."
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