Jerome Powell

Exchange with the U.S. President on the Renovation of Federal Reserve Buildings

delivered 24 July 2025, Washington, D.C.

[AUTHENTICITY CERTIFIED: Text version below transcribed directly from audio]

THE PRESIDENT: Well, thank you very much. We're looking at the construction and we're with the Chairman, as you know.

[To Powell] Chairman, come on over.

And we're just taking a look at what's happening. You know, it's a -- it's a tough construction job. They're building basements where they didn't exist, or expanding them, and a lot of very expensive work. There's no question about it. And, Tim has been with me for a long time --

REP. TIM SCOTT: Yes, sir.

THE PRESIDENT: And you're in charge of the committee.

REP. TIM SCOTT: Indeed. One of the reasons why I wanted to see it was the -- the overruns of the expenses. Wanted to figure out why.

THE PRESIDENT: Yeah. So, we're taking a look. And it looks like it's about 3.1 billion. It went up a little bit -- or a lot. So the 2.7 is now 3.1 and --

SECRETARY POWELL: I'm not aware of that, Mr. President.

THE PRESIDENT: Yeah, it -- it just came out.

SECRETARY POWELL: Yeah, and I...I haven't heard that from anybody at the Fed.

THE PRESIDENT: Just came out.

REP. TIM SCOTT: I noticed that at about 3.1 as well.

THE PRESIDENT: 3.1.

REP. TIM SCOTT: 3.1, 3.2.

SECRETARY POWELL: This came from us?

THE PRESIDENT: Yes. I don't know who does that.

SECRETARY POWELL: You're including the [William McChesney] Martin renovation. You just add --

Unidentified Off-mic: [inaudible] entire capital.

SECRETARY POWELL: You just -- You just added in a third building is what that is. That's a third building, including the Martin building.

THE PRESIDENT: Well, I know but it's -- it's a building that's being built.

SECRETARY POWELL: No, it's been -- it was built five years ago.

Unidentified Off-mic: [inaudible]

SECRETARY POWELL: We finished Martin five years ago.

Unidentified Off-Mic: [Recording's over?]

THE PRESIDENT:  It's part of the overall work. So --

SECRETARY POWELL: But it -- it's not new.

THE PRESIDENT: So -- So we're going to take a look. We're going to see what's happening. And it's got a long way -- Do you expect any more additional cost overruns?

SECRETARY POWELL: Don't expect them. We're -- We're ready for them. But we have a little bit of a reserve that we'll -- we may use. But no, we don't. [We] expect to be finished in 2027. We're well along, as you can see.

Page Updated: 7/28/25

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