(NewsNation) — President Donald Trump toured the Federal Reserve‘s renovations on Thursday afternoon as he continues a campaign against Fed chair Jerome Powell.
“A lot of expensive work,” Trump said, handing a piece of paper to Powell that documented alleged overruns.
Trump also commented that as a real estate developer, he would fire Powell for failing to lower interest rates.
The president continued to pressure Powell on interest rates during a press conference, saying he had created a good economy and that there is no inflation.
In June, the inflation rate hit 2.7%, up from 2.4% in May.
Trump also offered some criticisms of the construction, including efforts to protect the site during construction, but said he did not want to be a Monday morning quarterback.
The president also touted revenue coming in from tariffs as an example of how his financial policy is succeeding.
While Trump has continued to claim foreign countries pay tariffs, the duties are paid by U.S. importers, who are expected to pass the costs along to consumers as more tariffs go into effect.
When asked whether the project cost was a fireable offense, Trump demurred.
“Look. I would love to see it completed. I don’t want to put that in this category. It’s a very complex thing that could have been made simple,” he said.
The visit marked the first time in nearly two decades that a sitting president has made an official trip to the nation’s central bank — the last was George W. Bush, who attended a swearing-in ceremony for chairman Ben Bernanke in 2006.
Usually, presidents make a marked effort to respect the independence of the Fed, which describes itself as “an independent government agency” and “ultimately accountable to the public and the Congress.” That includes avoiding directly asking them to change their decisions or paying visits to the Fed.
But Trump has consistently criticized Powell — who he calls “too late” — for his refusal to lower interest rates and, more recently, has alleged mismanagement of the renovation project.
Last week, Trump somewhat denied rumors that he is preparing to fire Powell soon, telling reporters, “I don’t rule out anything, but I think it’s highly unlikely, unless he has to leave for fraud.”
House Speaker Mike Johnson, R-La., did not deny the possibility but instead said it’s unclear whether Trump could fire Powell.
“Can the president fire Jerome Powell? I’m really not sure,” Johnson, a former constitutional lawyer, told reporters in the Capitol. “I have been not happy with the leadership there, personally. But I’m honestly not sure whether that executive authority exists. I’d have to look at that.”
Powell has said that his firing is “not permitted under the law” and indicated he would not step down if Trump asked him to.
Both Trump and members of his administration have criticized the renovation project, with White House Budget Director Russ Vought announcing earlier this month that he was investigating the plans, which made him “extremely troubled.”
NewsNation partner The Hill contributed to this report.