president donald trump claimed in a new interview that outgoing Federal Reserve Chairman Jerome Powell is “incompetent” and even “corrupt” in his handling of ongoing renovations at the Federal Reserve Building.

“It’s the most expensive construction ever done anywhere in the world per square foot. It’s crazy. Either they’re corrupt, that somebody has to be corrupt, or they’re very incompetent. Now we know it’s incompetent, but the question is, is it corrupt?” Trump said during an appearance on “Kudlow.”

“I could have done this job for $25 million, and it would have been a lot better than what they’re doing,” the president added, estimating the total cost of the project at up to $4 billion, nearly double the price listed in the Fed documents.

Documents on the Fed’s website contend that renovation costs are $2.5 billion, not $4 billion, as Trump said.

TRUMP SAYS HE WILL NOT LEAVE DOJ CRIMINAL PROBE IN JEROME POWELL’S CHAIR

President Donald Trump and Federal Reserve Chairman Jerome Powell speak during a tour of the Federal Reserve Board building, which is currently under renovation, in Washington, DC on July 24, 2025. (Kent Nishimura/Reuters)

When Trump visited the Fed in July 2025, he clashed with Powell on the cost of the renovations, and the president said the cost was approximately $3.1 billion at the time. When Trump told the press that the cost had increased from $2.7 billion to $3.1 billion, Powell said he was “not aware of that.”

The president said the numbers “just came out” and proceeded to hand Powell a document purportedly from the Fed. When the president pushed back, he said the document had included a project that had been completed five years earlier.

While Trump has already touched Kevin Warsh to replace Powell, a federal investigation is delaying the transition. FOX Business host Larry Kudlow asked the president if it was “worth holding on to Warsh’s nomination” to continue the case against Powell, and the president said it was unclear.

“I don’t know. I mean, we’ll have to see what happens,” Trump said. “Look, I’ve been fighting Tillis for a long time, so much so that he ended up giving up, so let’s see.”

Senator Thom Tillis, RNC, member of the Senate Committee on Banking, Housing and Urban Affairs, has said that he would “oppose the confirmation of any Federal Reserve nominee, including for chairman, until the DOJ investigation into Chairman Powell is fully and transparently resolved.” Despite his determination to block Wash’s nomination, Tillis didn’t seem to have a problem with Trump’s choice, calling him a “qualified nominee with a deep understanding of monetary policy.”

Federal Reserve Board Chairman Jerome Powell holds a news conference after a meeting of the Federal Open Market Committee on June 18, 2025 in Washington, DC (Win McNamee/Getty Images/Getty Images)

TRUMP VS THE FEDERAL RESERVE: HOW THE SHOCK REACHED UNCHARTED TERRITORY

The costs of the Fed renovations have become central to a Justice Department criminal investigation opened in January into Powell’s congressional testimony about the project.

On January 11, Powell released a video message regarding the criminal investigation, calling it “unprecedented” and saying it “must be seen in the larger context of the administration’s threats and ongoing pressure.”

“This new threat is not about my testimony last June or the renewal of the Federal Reserve buildings This is not about the oversight role of Congress; the Fed through testimony and other public disclosures did its best to keep Congress informed about the renewal project. They 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 president’s preferences,” Powell said in the January video.

“It’s about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead monetary policy will be driven by political pressure or intimidation,” he added.

Earlier this month, the president doubled down on the investigation, saying the DOJ would not abandon its criminal investigation. Speaking to reporters in the Oval Office, Trump said Jeanine Pirro, the U.S. attorney for the District of Columbia, “will take it to the end and see it through.” He also said he “feels bad” for Warsh, who “may not have an office for four years,” referring to the review of Fed buildings.

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Trump appointed Powell during his first term, which he recently told Kudlow was “a mistake.” He also called Powell a “runner-up.” The president told Kudlow that “my Treasury secretary wanted him so bad,” likely referring to Steven Mnuchin.

The president also expressed his confidence in Warsh, saying he believes the nominee could help the US reach its goal of 15% economic growth.

Fox Business has reached out to the Federal Reserve for comment.

Amanda Macias of Fox Business contributed to this report.