Trump Criticizes Powell as ‘Corrupt’ and ‘Incompetent’ Over Rising Renovation Costs
Take a sneak peek at President Donald Trump’s interview with FOX Business host Larry Kudlow as they discuss the investigation into Fed Chair Jerome Powell and more on Tuesday’s ‘Kudlow.’
In a recent interview, President Donald Trump did not hold back in his criticism of outgoing Federal Reserve Chair Jerome Powell, labeling him as “incompetent” and even “corrupt” regarding the ongoing renovations at the Federal Reserve building.
Trump stated, “It’s the most expensive construction job ever built anywhere in the world per square foot. It’s crazy. They’re either corrupt, which somebody’s corrupt has to be, or grossly incompetent. Now we know he’s incompetent, but the question is, is he corrupt?” This remark came during his appearance on “Kudlow.”
He further claimed, “I would have been able to do that job for $25 million, and it would have been much better than what they’re ending up with,” estimating the renovation costs to be as high as $4 billion—almost double the figure indicated in Federal Reserve documents.
TRUMP SAYS HE WILL NOT DROP DOJ CRIMINAL PROBE INTO FED CHAIR JEROME POWELL
President Donald Trump and Federal Reserve Chair Jerome Powell speak during a tour of the Federal Reserve Board building, which is currently undergoing renovations, in Washington, D.C., July 24, 2025. (Kent Nishimura/Reuters)
During his visit to the Fed in July 2025, Trump clashed with Powell over the renovation costs, which he claimed had escalated from approximately $2.7 billion to $3.1 billion. Powell, however, stated he was “not aware of that.” Trump presented Powell with a document he claimed was from the Fed, but Powell countered that it included a project completed five years earlier.
While Trump has nominated Kevin Warsh to replace Powell, the transition is currently stalled due to a federal investigation. When asked by Kudlow if pursuing the case against Powell was worth delaying Warsh’s nomination, Trump replied, “I don’t know. I mean, we’ll have to see what happens.” He added, “Look, I’ve been fighting Tillis for a long time — so much so that he ended up quitting — so let’s see.”
Senator Thom Tillis, R-N.C., a member of the Senate Committee on Banking, Housing and Urban Affairs, has stated he would “oppose the confirmation of any Federal Reserve nominee, including for the position of Chairman, until the DOJ’s inquiry into Chairman Powell is fully and transparently resolved.” Despite his opposition to Warsh’s nomination, Tillis acknowledged him as a “qualified nominee with a deep understanding of monetary policy.”
Federal Reserve Board Chairman Jerome Powell holds a news conference following a Federal Open Market Committee meeting on June 18, 2025, in Washington, D.C. (Win McNamee/Getty Images / Getty Images)
TRUMP VS THE FEDERAL RESERVE: HOW THE CLASH REACHED UNCHARTED TERRITORY
The escalating costs of the renovations at the Federal Reserve have become a focal point in a Justice Department criminal investigation that began in January, centering on Powell’s congressional testimony regarding the project.
On January 11, Powell released a video message addressing the criminal probe, describing it as “unprecedented” and suggesting it should be viewed in the context of the administration’s ongoing threats and pressures.
Powell stated, “This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress’s oversight role; the Fed has made every effort to keep Congress informed about the renovation project. Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president.”
Earlier this month, Trump reiterated his commitment to the probe, asserting that the DOJ would not abandon its criminal investigation. Speaking to reporters in the Oval Office, he mentioned that Jeanine Pirro, the U.S. attorney for the District of Columbia, would “take it to the end and see.” He also expressed sympathy for Warsh, who “may not have an office for four years,” referencing the extensive renovations at the Fed.
President Donald Trump discusses his decision-making process in selecting Kevin Warsh as his nominee for Federal Reserve chairman on ‘Kudlow.’
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Trump, who nominated Powell during his first term, recently remarked to Kudlow that this decision was “a mistake,” adding that Powell was merely a “runner-up.” He indicated that his secretary of the Treasury had strongly advocated for Powell’s nomination.
Expressing confidence in Warsh, Trump stated he believes the nominee could help the U.S. achieve his ambitious goal of 15% economic growth.
Fox Business’ Amanda Macias contributed to this report.
Take a sneak peek at President Donald Trump’s interview with FOX Business host Larry Kudlow as they discuss the investigation into Fed Chair Jerome Powell and more on Tuesday’s ‘Kudlow.’
In a recent interview, President Donald Trump did not hold back in his criticism of outgoing Federal Reserve Chair Jerome Powell, labeling him as “incompetent” and even “corrupt” regarding the ongoing renovations at the Federal Reserve building.
Trump stated, “It’s the most expensive construction job ever built anywhere in the world per square foot. It’s crazy. They’re either corrupt, which somebody’s corrupt has to be, or grossly incompetent. Now we know he’s incompetent, but the question is, is he corrupt?” This remark came during his appearance on “Kudlow.”
He further claimed, “I would have been able to do that job for $25 million, and it would have been much better than what they’re ending up with,” estimating the renovation costs to be as high as $4 billion—almost double the figure indicated in Federal Reserve documents.
TRUMP SAYS HE WILL NOT DROP DOJ CRIMINAL PROBE INTO FED CHAIR JEROME POWELL
President Donald Trump and Federal Reserve Chair Jerome Powell speak during a tour of the Federal Reserve Board building, which is currently undergoing renovations, in Washington, D.C., July 24, 2025. (Kent Nishimura/Reuters)
During his visit to the Fed in July 2025, Trump clashed with Powell over the renovation costs, which he claimed had escalated from approximately $2.7 billion to $3.1 billion. Powell, however, stated he was “not aware of that.” Trump presented Powell with a document he claimed was from the Fed, but Powell countered that it included a project completed five years earlier.
While Trump has nominated Kevin Warsh to replace Powell, the transition is currently stalled due to a federal investigation. When asked by Kudlow if pursuing the case against Powell was worth delaying Warsh’s nomination, Trump replied, “I don’t know. I mean, we’ll have to see what happens.” He added, “Look, I’ve been fighting Tillis for a long time — so much so that he ended up quitting — so let’s see.”
Senator Thom Tillis, R-N.C., a member of the Senate Committee on Banking, Housing and Urban Affairs, has stated he would “oppose the confirmation of any Federal Reserve nominee, including for the position of Chairman, until the DOJ’s inquiry into Chairman Powell is fully and transparently resolved.” Despite his opposition to Warsh’s nomination, Tillis acknowledged him as a “qualified nominee with a deep understanding of monetary policy.”
Federal Reserve Board Chairman Jerome Powell holds a news conference following a Federal Open Market Committee meeting on June 18, 2025, in Washington, D.C. (Win McNamee/Getty Images / Getty Images)
TRUMP VS THE FEDERAL RESERVE: HOW THE CLASH REACHED UNCHARTED TERRITORY
The escalating costs of the renovations at the Federal Reserve have become a focal point in a Justice Department criminal investigation that began in January, centering on Powell’s congressional testimony regarding the project.
On January 11, Powell released a video message addressing the criminal probe, describing it as “unprecedented” and suggesting it should be viewed in the context of the administration’s ongoing threats and pressures.
Powell stated, “This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress’s oversight role; the Fed has made every effort to keep Congress informed about the renovation project. Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president.”
Earlier this month, Trump reiterated his commitment to the probe, asserting that the DOJ would not abandon its criminal investigation. Speaking to reporters in the Oval Office, he mentioned that Jeanine Pirro, the U.S. attorney for the District of Columbia, would “take it to the end and see.” He also expressed sympathy for Warsh, who “may not have an office for four years,” referencing the extensive renovations at the Fed.
President Donald Trump discusses his decision-making process in selecting Kevin Warsh as his nominee for Federal Reserve chairman on ‘Kudlow.’
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Trump, who nominated Powell during his first term, recently remarked to Kudlow that this decision was “a mistake,” adding that Powell was merely a “runner-up.” He indicated that his secretary of the Treasury had strongly advocated for Powell’s nomination.
Expressing confidence in Warsh, Trump stated he believes the nominee could help the U.S. achieve his ambitious goal of 15% economic growth.
Fox Business’ Amanda Macias contributed to this report.
