Trump Demands Powell's Resignation Over Fed Headquarters Renovations
President Donald Trump has called for former Federal Reserve Chair Jerome Powell to be 'forced to resign' from the bank's board following an Inspector General report on renovation cost overruns at the Fed's headquarters.
The report, which did not find any evidence of criminal wrongdoing or administrative misconduct, highlighted various shortcomings in the way the board managed the project, its contractor, and its budget.
Trump stated that Powell should be held accountable for the cost overruns, saying 'The Building is over budget, at a Record Setting rate and, at a minimum, 'Too Late' Powell should be forced to resign from the Board.' He also suggested that Powell's inability to manage the project makes him unfit to oversee monetary policy.
Powell has remained on the Fed board despite his term as chair expiring in May, citing ongoing Justice Department investigations into whether he had perjured himself in congressional testimony regarding the building renovations. Trump's statement seems to ensure that Powell will remain on the board until the end of his term in January 2028.