Trump Demands Jerome Powell Resign Over Federal Reserve Costs

President Donald Trump and National Economic Council head Kevin Hassett have demanded the resignation of Federal Reserve board member Jerome Powell. The calls for his departure follow a September 30 internal report regarding a $2.4 billion headquarters renovation project in Washington. While the report found no criminal wrongdoing or administrative misconduct, it identified management deficiencies that nearly doubled the project's original cost.

Trump stated that Powell "should be forced to resign," while Hassett argued it was time for Powell to move on and respect the independence of the central bank. Powell, who ended his term as chair in May, has refused to leave the board, claiming that threats of criminal investigations made his continued presence necessary. The Trump administration has condemned this position.

U.S. Attorney General Todd Blanche announced that the Justice Department will not reopen a criminal investigation based on the current internal findings. However, Blanche noted that the department would investigate if a planned independent audit reveals any criminal misconduct.