On Thursday, President Donald Trump made his dissatisfaction known with Federal Reserve chairman Jerome Powell over the cost of a building renovation. This came to light as both officials embarked on a tour of the incomplete project.
Trump claimed the project expenses amounted to $3.1 billion, significantly surpassing the Fed’s estimation of $2.5 billion. Powell, standing beside him, shook his head in silence before stating to the president that he was not “aware of that,” further adding: “I haven’t heard that from anybody at the Fed.”
In response, Trump produced a document from his pocket, handing it to Powell.
“This came from us?” Powell questioned. He then recognized that Trump was talking about the renovation of the Martin Building, which had been finalized five years earlier.
Trump inquired if there would be any further cost overruns, to which Powell responded: “Don’t expect them.”
Reflecting on his experience as a real estate developer, Trump remarked that he would have dismissed someone over cost overruns. The president made a lighthearted comment that he would relent on Powell if interest rates were reduced.
The uncomfortable interaction has sparked discussions online, with comparisons being drawn to a scene from The Office.
One Twitter user shared a clip of the heated exchange, stating: “This could literally pass as a scene straight from The Office.”
“INCREDIBLE,” another user reacted to the post. “I AM LITERALLY DYING OF LAUGHTER.”
Another individual pointed out: “What is extra crazy is that we are all used to Trump just saying stuff that isn’t true 24/7 and yet it’s so rare to see someone tell him he’s wrong.”
“The entire video is so odd from when he walks in,” another person added.
Echoing the The Office comparison, someone remarked: “Donald Trump makes Michael Scott look like a genius.”
This recent interaction follows Trump’s criticism of Powell as a ‘numbskull’ on Truth Social, amid ongoing demands from the president for Powell to lower interest rates.
Although Trump criticized Powell in his post, he mentioned he does not intend to remove him from his role as Chair.
After visiting the Fed renovation site, Trump told a reporter who asked if Powell might be dismissed, as reported by USA Today: “To do that is a big move and I just don’t think it’s necessary.
“And I believe he’s going to do the right thing… It may be a little too late, as the expression goes, but I believe he’s going to do the right thing.”
In its latest meeting, the Fed kept interest rates within a range of 4.25 percent to 4.5 percent, according to The Guardian.
However, Trump reportedly prefers rates to be as low as one percent.