During his second term, instead of dismissing Jerome Powell as Federal Reserve Chairman, Trump reportedly chose to complicate Powell’s role. According to sources, Office of Management and Budget Director Russ Vought offered Trump a strategy to challenge Powell regarding renovations to the Federal Reserve building.
In a staff meeting in July 2025, Trump reportedly expressed his intent to “bust [Jerome’s] f—— b—-, honestly.”
He further stated, “What about that f—— building? Can we stop it? Can we stop construction? I just want to bust his f—— b—-. F— him,” according to reports by Haberman and Swan.
When Vought mentioned he would investigate the possibility of halting the construction, Trump allegedly responded, “No, don’t look into it. Bring me a plan.”
OMB General Counsel Mark Paoletta then crafted a strategy to place Trump supporters on the National Capital Planning Commission, which manages construction in the Washington area. Trump subsequently appointed then-Deputy Chief of Staff James Blair, who later recruited Will Scharf, to the commission.
Following these appointments, Scharf initiated a comprehensive review of the Federal Reserve renovation project.
