Trump to visit Federal Reserve, ramping up pressure on Powell

President Donald Trump will visit the Federal Reserve headquarters in Washington, D.C. on Thursday amid his ongoing feud with Fed chair Jerome Powell. Trump is joining a group of administration officials touring the headquarters after it underwent $2.5 billion in renovations. The president for weeks has called on Powell to lower interest rates, but the official has not budged. Some administration officials have argued that the massive renovations were a waste of taxpayer dollars and could even amount to a fireable offense for Powell. Meanwhile, Treasury Secretary Scott Bessent has noted that Powell's term will end in May 2026, downplaying the need to fire him outright. Rep. Anna Paulina Luna, R-Fla., a major Trump ally in Congress, referred Powell to the Department of Justice (DOJ) for criminal charges on Monday, accusing him of two specific instances of perjury relating to the renovations. TRUMP URGES RATE CUTS TO BOOST SAVINGS, BUT FED SAYS ECONOMY IS STRONG "On June 25, 2025, Chairman Powell provided testimony under oath before the U.S. Senate Committee on Banking, Housing, and Urban Affairs regarding the renovation of the Federal Reserve’s Eccles Building. In his statements, he made several materially false claims," Luna's said in a letter to the DOJ.