(24 Jul 2025)
RESTRICTION SUMMARY:
POOL
Washington, DC – 24 July 2025
1. Mid, U.S. President Donald Trump walking with Federal Reserve Chairman Jerome Powell and Senator Tim Scott inside Federal Reserve building
2. SOUNDBITE (English) Donald Trump, U.S. President:
"Well, thank you very much. We’re looking at the construction, and we’re with the Chairman, as you know. Chairman, come on over. And we’re just taking a look at what’s happening. And it’s a tough construction job. Building basements where they didn’t exist or expanding them, and a lot of very expensive work. There’s no question about it. And Tim has been with me for a long time. You’re in charge of the committee."
3. SOUNDBITE (English) Sen. Tim Scott, (R) South Carolina:
"Indeed, one of the reasons I wanted to see it was the overruns of the expenses, trying to figure out why."
4. SOUNDBITE (English) Donald Trump, U.S. President:
"So, we are taking a look. It looks like it’s about $3.1 billion. It went up a little bit, or a lot. So the $2.7 is now $3.1." (Powell shakes his head.)
5. SOUNDBITE (English) Jerome Powell, Federal Reserve Chairman:
"I’m not aware of that."
6. SOUNDBITE (English) Donald Trump, U.S. President:
"Yeah, it just came out. Yeah."
7. SOUNDBITE (English) Jerome Powell, Federal Reserve Chairman:
"I haven’t heard that from anybody at the Fed."
8. SOUNDBITE (English) Donald Trump, U.S. President:
"Yeah, it just came out. 3.1, 3.2. (Powell: This came from us?) Yes. I don’t know who does that."
9. SOUNDBITE (English) Jerome Powell, Federal Reserve Chairman:
"Oh, you’re including the Martin renovation. You just added in a third building is what that is. That’s a third building."
10. SOUNDBITE (English) Donald Trump, U.S. President:
"It’s a building that’s being built."
11. SOUNDBITE (English) Jerome Powell, Federal Reserve Chairman:
"No, it was built five years ago. We finished Martin five years."
12. SOUNDBITE (English) Donald Trump, U.S. President:
"It is part of the overall work (Powell: It is not new.) So, we’re going to take a look. We’re going see what’s happening. And it’s got a long way. Do you expect any more additional cost-over runs?"
13. SOUNDBITE (English) Jerome Powell, Federal Reserve Chairman:
"Don’t expect them, we’re ready for them, but we have a little bit of a reserve that we may use, but no, we don’t. We expect to be finished by 2027. We are well along, as you can see."
14. SOUNDBITE (English) Donald Trump, U.S. President:
"Nice to take these off every once in a while (a hard hat) when we’re not under too much danger. So any questions?"
15. SOUNDBITE (English) Reporter asking questions:
"As a real estate developer, what would you do with a project manager who would be over budget?"
16. SOUNDBITE (English) Donald Trump, U.S. President:
"Generally speaking, what would I do? I’d fire him."
17. Various views of interior renovations
18. SOUNDBITE (English) Donald Trump, U.S. President:
"Because it looks like it’s got a long way to go."
19. UPSOUND (English) Reporter asking question:
"Mr. President, are there things the chairman can say to you today that would make you back off some of the earlier criticism?"
20. SOUNDBITE (English) Donald Trump, U.S. President:
"Well, I’d love him to lower interest rates. Other than that, what can I tell you? The country is doing really well. I just briefed the chairman on the deal we made with Japan. Japan is putting up $550 billion in order to lower their tariffs a little bit. That way, they have a little lower tariff. And they also opened their country to free trade, which nobody thought was even a possibility."
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