Fact-check · Sep 30, 2026 · Donald Trump
“That building's gonna end up spending 3.5 to $4,000,000,000 to renovate”
MISLEADING
What the record shows
Federal Reserve's current budget for Eccles and Constitution Avenue buildings renovation: $2.5 billion (as of 2025-2026). Trump's $3.5-4 billion figure is his projection of final cost, not current official estimate. When Trump cited $3.1 billion, he was including the separately-completed Martin Building renovation.
Sources
- Why the Fed’s Building Renovation Costs $2.5 Billion: CityLab Daily - Bloomberg
- Trump slams Federal Reserve's $3.1B building renovation
- White House Highlights Cost Increase for Federal Reserve HQ Renovation
- Trump calls for Powell’s resignation after IG report on cost overruns
- FAQs About the Fed’s $3 Billion HQ Upgrade - by Kayla Lahti
- peek inside feds renovations now 232828087
From: President Trump Makes an Announcement with the Secretary of Commerce
Vote Unbiased checks what officials say against government data — BLS, BEA, Census, Treasury, the Fed — with sources cited. Every speaker, every party, same standard. See the data →