Kathrine Frich
He closed his rant with a surprising twist.
Home renovations usually bring massive headaches. Budgets expand and tempers flare.
Now imagine that frustration multiplied by a billion dollars on the national stage.
A billion dollar headache
The central bank just released a new watchdog report. According to the Daily Beast, investigators reviewed the spiraling costs of updating the Federal Reserve facilities.
Construction bills have hit a staggering $2.38 billion. That sits more than a billion dollars above the original projection according to Daily Beast.
An inspector general completely cleared Jerome Powell of criminal wrongdoing. Despite the legal victory, the news quickly triggered a massive outburst from the president.
Demands for action
Donald Trump took to Truth Social on Wednesday. He published a long tirade attacking the Federal Reserve official.
“At a minimum, ‘Too Late’ Powell should be forced to resign from the Board,” Trump wrote on his platform. He urged Attorney General Todd Blanche to investigate the situation again.
The Justice Department actually dropped a criminal probe into Powell five months ago. Even so, the president wants harsh penalties.
“If he doesn’t resign, he should be sued, at the highest level, by the United States Government, for either corruption or incompetence, both of which are completely unacceptable,” Trump declared.
Eye for design
The president also criticized the aesthetic choices. He previously toured the historic Washington buildings in a hard hat back in 2025.
Trump complained about contractors working without a guaranteed maximum price. He called the oversight “an absolutely unheard of situation!”
“Soundproofing, and all other elements of the Building, will be inferior to what was previously there. In particular, the magnificent beauty, sculptured ceilings and walls, and so many other things which made the Federal Reserve Building stand apart, will never be captured again, and are only being replaced by flat, boring, less than midlevel finishes,” he stated.
He then bragged about his own skills. “I could have done a far better Renovation for 25 Million Dollars, completely maintaining the MAGNIFICENCE of the structure, and had money left over,” Trump added.
Piling up costs
He closed his rant with a surprising twist. “And no, I do not want this Building named after President Donald J. Trump, ME! Thank you for your attention to this matter,” he wrote.
The Daily Beast noted that Trump faces his own budget problems. His planned White House ballroom will reportedly cost $900 million.
The New York Times previously reported on his botched overhaul of the Reflecting Pool. That hasty project famously turned the local water green and slimy.
