Trump Claims DOJ Will Continue Powell Criminal Investigation Amid Fed Renovation
Trump and Federal Reserve Chairman Jerome Powell experienced an awkward on-camera clash during the president’s visit to the Fed’s headquarters.
On Monday, President Donald Trump announced that the Justice Department will continue its criminal investigation into Federal Reserve Chairman Jerome Powell.
During a press briefing in the Oval Office, Trump stated that Jeanine Pirro, the U.S. attorney for the District of Columbia, will “take it to the end and see.” He expressed concern over the escalating costs associated with renovating the Fed’s two primary buildings along the National Mall, labeling the situation as “either gross incompetence or it’s theft of some kind or kickbacks.” Trump also voiced sympathy for Kevin Warsh, whom he recently nominated to succeed Powell in May, remarking, “He may not have an office for four years,” in reference to the ongoing renovations.
President Donald Trump speaks to Fed Chair Jerome Powell during a tour of the Federal Reserve in Washington, D.C., on July 24, 2025. (Official White House Photo by Daniel Torok)
THE FED’S $2.5B RENOVATION IS IRKING PRESIDENT TRUMP AND TEAM
Trump criticized the renovation costs, stating, “They’ve spent almost $4 billion doing this whole renovation. I built a hotel, the Waldorf, for around $200 million.” He emphasized that his previous real estate projects far exceed the scale of the Federal Reserve renovations.
The Federal Reserve has yet to respond to Fox News Digital’s request for comment. The renovation expenses are now at the center of a Justice Department criminal investigation initiated in January, focusing on Powell’s congressional testimony regarding the project.
FEDERAL RESERVE CHAIR POWELL UNDER CRIMINAL INVESTIGATION OVER HQ RENOVATION
Construction on the Marriner S. Eccles Federal Reserve building in Washington, D.C., on July 14, 2025. (Al Drago/Bloomberg via Getty Images)
Powell described the investigation as “unprecedented” in a video statement on January 11, highlighting it as another instance of Trump’s ongoing threats against the central bank. His public response, following private consultations with advisors, marked a significant shift from his usual measured demeanor.
The renovation, estimated to cost $2.5 billion, is funded by the Federal Reserve itself, not taxpayers. The Fed operates independently, relying on income from interest on government securities and fees from financial institutions to cover its expenses, including employee salaries and facility maintenance.
The grand atrium of the Marriner S. Eccles Federal Reserve building during a media tour of the renovation of the central bank’s headquarters in Washington, D.C., on July 24, 2025. (Andrew Harnik/Getty Images)
In June 2025, Powell informed the Senate Banking Committee that “There’s no new marble. There are no special elevators. They’re old elevators that have been there. There are no new water features. There are no beehives, and there’s no roof garden terraces.”
POWELL REVEALS WHAT IT WOULD TAKE TO STEP DOWN FROM THE FED AS PRESSURE MOUNTS
He also noted that no one “wants to do a major renovation of a historic building during their term in office.” Powell justified the decision, stating that the Eccles Building required a serious renovation due to safety concerns and waterproofing issues.
The Marriner S. Eccles Federal Reserve Board Building is visible as a massive renovation continues on the building and the 1951 Constitution Avenue Building on July 24, 2025, in Washington, D.C. (Andrew Harnik/Getty Images)
Powell attributed the cost overruns to unexpected construction challenges and the current inflation rate. Trump has previously threatened legal action regarding the renovations and has ridiculed the project’s cost and design.
He remarked, “They’re building a basement into the Potomac River. I could have told them. That’s very tough to do, and it doesn’t work, and it’s very expensive,” referring to Powell as “this clown” in a November statement.
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Meanwhile, Warsh’s confirmation to lead the Federal Reserve may be delayed by Republican opposition stemming from the ongoing investigation into Powell.
Warsh must be confirmed by a simple majority in the Senate, a process that typically begins with a hearing and vote in the Senate Banking Committee.
Kevin Warsh during the International Monetary Fund and World Bank Spring meetings at the IMF headquarters in Washington, D.C., on April 25, 2025. (Tierney L. Cross/Bloomberg via Getty Images)
Senator Thom Tillis, R-N.C., recently announced his intention to oppose the confirmation of any Federal Reserve nominee until the Trump administration concludes its investigation into Powell. His stance carries significant weight due to his position on the Senate Banking Committee.
With Tillis placing a hold on Warsh’s nomination, the only way to advance it out of the Senate Banking Committee would be through a discharge vote on the Senate floor, a process that requires 60 votes and is unlikely in a divided Senate, especially amid tensions surrounding the investigation into Powell.
Trump and Federal Reserve Chairman Jerome Powell experienced an awkward on-camera clash during the president’s visit to the Fed’s headquarters.
On Monday, President Donald Trump announced that the Justice Department will continue its criminal investigation into Federal Reserve Chairman Jerome Powell.
During a press briefing in the Oval Office, Trump stated that Jeanine Pirro, the U.S. attorney for the District of Columbia, will “take it to the end and see.” He expressed concern over the escalating costs associated with renovating the Fed’s two primary buildings along the National Mall, labeling the situation as “either gross incompetence or it’s theft of some kind or kickbacks.” Trump also voiced sympathy for Kevin Warsh, whom he recently nominated to succeed Powell in May, remarking, “He may not have an office for four years,” in reference to the ongoing renovations.
President Donald Trump speaks to Fed Chair Jerome Powell during a tour of the Federal Reserve in Washington, D.C., on July 24, 2025. (Official White House Photo by Daniel Torok)
THE FED’S $2.5B RENOVATION IS IRKING PRESIDENT TRUMP AND TEAM
Trump criticized the renovation costs, stating, “They’ve spent almost $4 billion doing this whole renovation. I built a hotel, the Waldorf, for around $200 million.” He emphasized that his previous real estate projects far exceed the scale of the Federal Reserve renovations.
The Federal Reserve has yet to respond to Fox News Digital’s request for comment. The renovation expenses are now at the center of a Justice Department criminal investigation initiated in January, focusing on Powell’s congressional testimony regarding the project.
FEDERAL RESERVE CHAIR POWELL UNDER CRIMINAL INVESTIGATION OVER HQ RENOVATION
Construction on the Marriner S. Eccles Federal Reserve building in Washington, D.C., on July 14, 2025. (Al Drago/Bloomberg via Getty Images)
Powell described the investigation as “unprecedented” in a video statement on January 11, highlighting it as another instance of Trump’s ongoing threats against the central bank. His public response, following private consultations with advisors, marked a significant shift from his usual measured demeanor.
The renovation, estimated to cost $2.5 billion, is funded by the Federal Reserve itself, not taxpayers. The Fed operates independently, relying on income from interest on government securities and fees from financial institutions to cover its expenses, including employee salaries and facility maintenance.
The grand atrium of the Marriner S. Eccles Federal Reserve building during a media tour of the renovation of the central bank’s headquarters in Washington, D.C., on July 24, 2025. (Andrew Harnik/Getty Images)
In June 2025, Powell informed the Senate Banking Committee that “There’s no new marble. There are no special elevators. They’re old elevators that have been there. There are no new water features. There are no beehives, and there’s no roof garden terraces.”
POWELL REVEALS WHAT IT WOULD TAKE TO STEP DOWN FROM THE FED AS PRESSURE MOUNTS
He also noted that no one “wants to do a major renovation of a historic building during their term in office.” Powell justified the decision, stating that the Eccles Building required a serious renovation due to safety concerns and waterproofing issues.
The Marriner S. Eccles Federal Reserve Board Building is visible as a massive renovation continues on the building and the 1951 Constitution Avenue Building on July 24, 2025, in Washington, D.C. (Andrew Harnik/Getty Images)
Powell attributed the cost overruns to unexpected construction challenges and the current inflation rate. Trump has previously threatened legal action regarding the renovations and has ridiculed the project’s cost and design.
He remarked, “They’re building a basement into the Potomac River. I could have told them. That’s very tough to do, and it doesn’t work, and it’s very expensive,” referring to Powell as “this clown” in a November statement.
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Meanwhile, Warsh’s confirmation to lead the Federal Reserve may be delayed by Republican opposition stemming from the ongoing investigation into Powell.
Warsh must be confirmed by a simple majority in the Senate, a process that typically begins with a hearing and vote in the Senate Banking Committee.
Kevin Warsh during the International Monetary Fund and World Bank Spring meetings at the IMF headquarters in Washington, D.C., on April 25, 2025. (Tierney L. Cross/Bloomberg via Getty Images)
Senator Thom Tillis, R-N.C., recently announced his intention to oppose the confirmation of any Federal Reserve nominee until the Trump administration concludes its investigation into Powell. His stance carries significant weight due to his position on the Senate Banking Committee.
With Tillis placing a hold on Warsh’s nomination, the only way to advance it out of the Senate Banking Committee would be through a discharge vote on the Senate floor, a process that requires 60 votes and is unlikely in a divided Senate, especially amid tensions surrounding the investigation into Powell.
