Trump Calls for Jerome Powell to Resign From Fed Board After Renovation Report

Donald Trump calls for Jerome Powell to resign from the Federal Reserve Board after an inspector general report

President Donald Trump has called for former Federal Reserve Chair Jerome Powell to resign immediately from the Federal Reserve Board of Governors following the release of an inspector general report examining management of the central bank’s headquarters renovation.

According to information shared by Coin Bureau, Trump also asked Attorney General Todd Blanche to review the report and threatened legal action if Powell does not step down. The demand follows findings that identified management failures in the renovation project but did not establish criminal wrongdoing or administrative misconduct.

Fed Renovation Costs Draw Scrutiny

The renovation of the Federal Reserve’s headquarters has become a major point of contention between Trump and Powell. The project’s projected cost rose from $1.3 billion to $2.4 billion, according to the Coin Bureau post.

The Federal Reserve’s inspector general identified deficiencies in the management and execution of the project. The watchdog said the central bank had failed to effectively manage aspects of the renovation, including cost controls and contracting procedures.

The inspector general’s findings, however, did not conclude that the project involved criminal violations. The report also did not identify administrative misconduct. That distinction is significant because the renovation had previously been linked to scrutiny of Powell and the Federal Reserve’s handling of the project.

Trump Seeks Further Review

Trump has asked Attorney General Todd Blanche to examine the inspector general’s report and determine what action should follow. He has also argued that Powell should leave the Federal Reserve Board.

The latest demand concerns Powell's position as a governor rather than his former role as Fed chair. Powell's term as chair ended in May 2026, but he remained on the Board of Governors.

The dispute comes after a separate Justice markets Department investigation into the renovation was closed in April 2026. That inquiry had examined potential criminal implications surrounding the project, but authorities did not proceed with charges.

Inspector General Finds Management Problems

The watchdog’s report found that the Federal Reserve had not established adequate cost controls for the renovation and had not secured a comprehensive cost estimate or maximum overall cost early enough in the project. The report said construction costs more than doubled from an initial estimate of $921 million in February 2020 to $2.018 billion by December 2024.

The inspector general also concluded that certain features criticized publicly as excessive were not major drivers of the cost increases. Instead, the report pointed to management decisions, design changes, inflation and other construction-related factors.

The report therefore financial leaves two separate issues in focus: documented management shortcomings in the renovation and the absence of findings of criminal wrongdoing or administrative misconduct. Trump's request for further review by Blanche now places the report at the center of the dispute over Powell's continued position on the Fed Board.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.