Trump Demands Powell Resign Over Renovation Costs
The Federal Reserve's Inspector General released a report on Wednesday finding no evidence of misconduct in the renovation project at the central bank's historic buildings on the National Mall. The IG's investigation was prompted by cost overruns, which have ballooned from an initial estimate to approximately $2.4 billion.
Despite the lack of findings, President Donald Trump called for Federal Reserve Chairman Jerome Powell's resignation, citing 'lax oversight' in project management. Trump has been critical of Powell since 2018 and sees this as an opportunity to oust him and gain influence over monetary policy.
The report noted that while there were problems with project oversight, it did not identify any administrative misconduct or grounds for a criminal referral. This conclusion was met with a mixed reaction from lawmakers, with some calling for 'rigorous oversight' of the Fed's resources.