The president went to tour the renovated site, which has experienced budget and deadline overruns.
President Donald Trump visited the Federal Reserve on Thursday, the first time a U.S. president has visited the central bank since President George W. Bush in 2006. The visit included Senators Tim Scott of South Carolina and Thom Tillis of North Carolina, Office of Management and Budget Director Russ Vought, FHFA Director Bill Pulte and White House officials James Blair and Will Scharf. The tour was partly motivated by the Fed’s ongoing renovations to its office building, which has a total budget of $2.5 billion as well as the president’s disagreement with Federal Reserve Chair Jerome Powell on interest rates. President Trump has called Chairman Powell out for not lowering bank interest rates, according to the economic markers the Federal Reserve traditionally follows.
The renovation of the Federal Reserve rose from $1.9 billion to $2.5 billion in taxpayer funding. Chairman Powell told the Senate Banking Committee last month that the marble being used is the same marble that had been removed, and stated that the cost overruns were due to excess lead or asbestos remediation.
President Trump stated, “It was a Great Honor to tour the Renovation (and some new Construction!) of the Federal Reserve Building with Chairman Jerome Powell, Senator Tim Scott, and others. It’s got a long way to go, would have been much better if it were never started, but it is what it is and, hopefully, it will be finished ASAP.“
The president continued, “The cost overruns are substantial but, on the positive side, our Country is doing very well and can afford just about anything — Even the cost of this building! I’ll be watching and, hopefully, adding some expertise. As everyone knows, I renovated the Old Post Office on Pennsylvania Avenue, and it was a roaring SUCCESS. The total Construction cost was a small fraction of the Fed Building’s cost, and it is many times the size. With all of that being said, let’s just get it finished and, even more importantly, LOWER INTEREST RATES!“
As the Lord Leads, Pray with Us…
- For President Trump and officials in his administration as they review the spending of taxpayer funds in various agencies.
- For Chairman Powell and members of the Federal Reserve to follow the traditional markers for setting interest rates for the benefit of the American people.
Sources: UPI News, WPRL, CNBC, CNN
