"We have a fool at the Federal Reserve, I mean, [former President Joe] Biden reappointed him. It's too bad," Trump said of Powell, who was appointed in November of 2017 during Trump's first term. "You would have thought he wouldn't have done that. But, he's an absolute fool who's building a new Federal Reserve, or he's doing a renovation of a building. Maybe he's up to $4.1 billion to do a renovation of a few very small buildings. It's the highest price in the history of construction."
The Fed's website explains that neither of the two buildings that serve as the headquarters of the United States' central bank have been renovated since they were built in the 1930s. Part of the construction involves removing carcinogenic building materials used during original construction, like lead and asbestos, and completely replacing "antiquated" building systems like heating, ventilation and air conditioning (HVAC) along with electrical wiring and plumbing. The Fed also aims to bring the two buildings up to code by including new accommodations for disabled people.
Trump contrasted the Fed's renovations with his White House ballroom, which is meant to replace the demolished East Wing of the White House. The cost of Trump's project has doubled to $400 million, despite him initially claiming the ballroom would cost $200 million.
"I'm doing a magnificent, big, beautiful ballroom that the country has wanted, the White House has wanted for 150 years. It's a massive job, and it's a tiny fraction of that number. And we're under budget and ahead of schedule," Trump said. "Now, it's bigger than I told you. It's — after realizing we're going to do the inauguration in that building — it's got all bulletproof glass, it's got all drone, they call it drone-free roof. Drones won't touch it. It's a big it's a big, beautiful, safe building."
Unlike the Fed's renovations, Trump's proposed White House ballroom did not undergo a public review process by the National Capital Planning Commission (NCPC), which is a requirement for all historic buildings in Washington D.C., whereas the Fed has been planning its renovations since 2017 and finally broke ground in 2022. The NCPC's final review of the Fed's planned renovations was published in September of 2021. Fortune reported that much of the increased costs are due to raw materials spiking in cost after the global supply chain was effectively decimated by the Covid-19 pandemic.
Watch the video of Trump's remarks below:
- YouTube www.youtube.com
