WASHINGTON — President Donald Trump returned to the exclusive Alfalfa Club dinner on Saturday, January 31, 2026, marking his first appearance at the elite gathering since his return to the White House. Speaking to a room of political rivals, business titans, and military leaders, the president delivered a speech that oscillated between traditional self-deprecation and sharp-edged threats directed at the nation's financial institutions. The centerpiece of the evening was a joke aimed at his own Federal Reserve nominee, Kevin Warsh, whom Trump suggested he might sue if interest rates are not aggressively lowered.

A Room of Strategic Adversaries

The Capitol Hilton ballroom served as the backdrop for an unusual convergence of power and personal friction. Trump looked out at an audience that included JPMorgan Chase CEO Jamie Dimon, whom the administration is currently suing, and Amazon founder Jeff Bezos. Also present were Chief Justice John Roberts and outgoing Federal Reserve Chair Jerome Powell. The president acknowledged the tension immediately. He told the crowd that there were so many people in the room he hated, though he quickly added that he liked most of them.

The atmosphere remained heavy despite the event’s reputation for lighthearted roasts. Attendees reported that several of the president’s jokes landed with a thud, leading to moments of notable silence in the room. Trump questioned how the gathering had even come to pass given his history with the membership. He singled out former Senator Mitt Romney, labeling him a leftist to a mixture of applause and uneasy laughter. The event remains one of the few venues where the Washington establishment gathers for off the record remarks.

The Federal Reserve Ultimatum

The most significant remarks of the night targeted the independence of the Federal Reserve. Trump pointed directly to Kevin Warsh, his nominee to succeed Jerome Powell, and joked about suing him. He told the audience that if Warsh does not lower interest rates, he would sue him. While the president later clarified to reporters on Air Force One that the comment was a satirical roast, the underlying message was clear to the economists in attendance. Trump has long maintained that benchmark rates should fall below 1 percent to stimulate growth.

This public pressure comes at a moment of unprecedented conflict between the White House and the central bank. The administration has brought criminal charges against Jerome Powell involving construction cost overruns and attempted to remove Governor Lisa Cook. Powell has characterized these actions as political intimidation rather than legitimate oversight. Warsh, who served as a Fed governor from 2006 to 2011, now faces a confirmation process where his perceived willingness to follow White House directives will be a central theme.

Greenland and the 53rd State

Foreign policy also became fodder for the president’s comedic routine. He joked about cutting his speech short to monitor a supposed imminent invasion of Greenland. After a brief pause, he told the crowd that the U.S. was not going to invade but would instead buy the territory. He outlined a hypothetical expansion of the union where Canada would become the 51st state, Greenland the 52nd, and Venezuela the 53rd. The remarks echoed his previous real world interest in acquiring Greenland during his first term.

The levity regarding Venezuela and Canada was paired with more serious undertones regarding Iran. Trump suggested that the U.S. could bomb the region again if current negotiations do not yield results. He noted that the Iranians are talking to the administration and that many things could happen in the coming weeks. The mix of casual threats and geopolitical humor left some attendees uncertain about the administration’s actual intentions in the Middle East.

The Architecture of Influence

The Alfalfa Club was founded in 1913 to commemorate the birthday of Robert E. Lee and has evolved into a cornerstone of the D.C. social calendar. Trump’s decision to attend marks a shift from his first term, during which he skipped the event every year. His presence this year signals an effort to confront his detractors in person while maintaining his populist outsider persona. The club’s membership remains a list of the most influential figures in American life, many of whom have been targets of Trump’s recent policy shifts and legal actions.

Jeff Bezos hosted a prominent after party at his Kalorama mansion following the dinner. This gathering included members of the Trump family and various administration officials, highlighting the complex relationship between the president and the billionaire class. Despite Trump’s frequent public attacks on Bezos and the Washington Post, the social barriers in D.C. often prove more porous than the political rhetoric suggests.

What's Next

The Senate will begin confirmation hearings for Kevin Warsh in the coming weeks. Lawmakers are expected to grill the nominee on his independence and whether he made any private commitments to the president regarding interest rates. Meanwhile, the legal battle involving Jerome Powell and the Supreme Court case regarding Lisa Cook will continue to define the boundaries of presidential power over the Federal Reserve.

Frequently Asked Questions

What is the Alfalfa Club dinner?

The Alfalfa Club is an exclusive social organization in Washington D.C. that exists solely to host one annual black-tie dinner on the last Saturday of January. It was founded in 1913 and traditionally brings together 200 members from the highest levels of politics, business, and the military for a night of roasts and networking.

Who did Donald Trump joke about suing?

Trump joked about suing his Federal Reserve Chair nominee, Kevin Warsh, if he does not lower interest rates. He also addressed JPMorgan Chase CEO Jamie Dimon, whose bank is currently being sued by the administration.

What were the jokes about Greenland and Canada?

Trump joked that he would make Canada the 51st state, Greenland the 52nd state, and Venezuela the 53rd state. He quipped that instead of an invasion, the United States would simply buy Greenland, a callback to a real proposal from his first administration.

Who attended the 2026 Alfalfa Club dinner?

Notable attendees included George W. Bush, Jeb Bush, Chief Justice John Roberts, Amazon founder Jeff Bezos, Mitt Romney, Mitch McConnell, and various members of the current Trump administration like Susie Wiles.

Is the Alfalfa Club speech public?

No. The dinner and the speeches delivered there are closed to the press and are traditionally off the record. Details typically emerge through accounts from attendees and subsequent comments from the speakers themselves.

Why is Donald Trump pressuring the Federal Reserve?

The president believes that lower interest rates are necessary to sustain economic growth and has frequently criticized the Fed for maintaining rates he deems too high. His administration has taken the unprecedented step of pursuing criminal charges and removals against current Fed officials.