Trump Demands Powell Resign from Federal Reserve Board Over HQ Renovation

US President Donald Trump has reignited his long-standing feud with Jerome Powell, who served as Federal Reserve chairman until May this year. Trump wants Powell to resign from the Board of Governors immediately, suggesting that if he doesn't, the US government should sue him for 'corruption or incompetence'. The demand comes after a watchdog report into the Fed's expensive headquarters renovation criticized the handling of the project but found no grounds for criminal charges.

The renovation costs have climbed to around $2.4 billion, with investigators concluding that officials could have taken steps to limit the increases. Trump has repeatedly targeted Powell over his monetary policy decisions during his time as chairman, and their feud predated Powell's departure from the top spot in May 2026.

Despite leaving the chairmanship, Powell retained his position on the Board of Governors and remains part of the Federal Open Market Committee until January 31, 2028. Trump made it clear that he wants Powell gone sooner rather than later, stating that he 'can't manage a Building' and shouldn't be allowed to oversee interest rates.