President Trump to visit Federal Reserve, ups pressure campaign on Jerome Powell

WASHINGTON ― President Donald Trump is set to make a rare presidential visit to the Federal Reserve on July 24, escalating his monthslong pressure campaign against Federal Reserve Chair Jerome Powell that has included regular threats to fire him.

Trump’s visit, set for 4 p.m. EDT, will mark just the fourth time a president has visited the Federal Reserve headquarters and the first since George W. Bush attended the swearing in of Ben Bernanke.

Since returning to the White House in January, Trump has relentlessly criticized Powell for not lowering interest rates, labeling the Fed chairman “too late” for holding interest rates steady.

More: Fed Chair Powell’s finally fighting back as the White House looks to fire him ‘for cause’

The half-mile trip from the White House to the Federal Reserve comes as Trump has accused Powell of potential fraud ‒ that the president has said could be grounds for his termination ‒ related to cost overruns during the agency’s headquarters renovation of two historic buildings on the National Mall.

The original cost of the renovation was estimated to be $1.9 billion in 2019 but swelled to $2.5 billion. The Fed has said the more than 33% increase was due to design changes, costs of materials, equipment and labor and other “unforeseen conditions” such as more asbestos than anticipated and toxic contamination in soil.

Trump is expected to be joined by White House officials including Russ Vought, the director of the Office of Management and Budget, and White House deputy chief of staff James Blair.

“What we’re really focused on is just getting our eyes on it,” Blair told reporters last week. “The plans say one thing, the Fed chair says another about what the current plans are. I want to know what the truth is. We want a copy of the records that are in between those two things.”

Trump’s visit comes as Epstein controversy is intensifying

It is unclear whether Trump will meet with Powell during the visit, which comes as Trump is facing intense scrutiny over the Justice Department’s decision not to release files connected to the government’s case against deceased financier and sex offender Jeffrey Epstein. The White House confirmed that Trump’s name is mentioned in the files but denied any wrongdoing from Trump in connection with Epstein.

The trip is the latest example of Trump dramatically breaking from the historical norm of presidents respecting the independence of the Federal Reserve, which sets monetary policy and operates as the central bank of the United States.

“The Federal Reserve is working with the White House to accommodate their visit,” a Fed spokesperson told Reuters.

More: Trump denies plans to fire Fed Chair Jerome Powell despite what he told Republicans

Ignoring Trump’s calls to lower interest rates, Powell has cited anticipated rising inflation from Trump’s massive tariffs on imports as a reason to keep the rates unchanged. Inflation accelerated in June, the Labor Department announced July 15, with prices rising by 2.7% over the past 12 months. It was the highest annual inflation rate since February.

Trump told Republican lawmakers in an Oval Office meeting on July 15 that he would likely soon fire Powell after the president polled them on whether he should, a senior White House official told USA TODAY.

But the next day, Trump denied that he’s close to firing Powell, noting that Powell’s term as chairman ends in May of 2026. “No, I’m not talking about that. Fortunately, we get to make a change in the next eight months or so,” the president said.

Trump nominated Powell as Fed chair in 2017. He was confirmed by the Senate in January 2018 for a four-year term in and again in 2022 after former President Joe Biden renominated him for the post. Even though Powell’s term as chairman ends in 2026, his term as a member of the Fed’s board runs through the end of 2028

Trump last week seemed to forget it was him, not Biden, who originally appointed Powell.

“He’s a terrible Fed chair. I was surprised he was appointed,” Trump said. “I was surprised, frankly, that Biden put him in and extended him, but they did.”

Reach Joey Garrison on X @joeygarrison.

This article originally appeared on USA TODAY: Trump to visit Fed Reserve as he ramps up pressure campaign on Powell