Trump Says Jerome Powell Should Be ‘Forced’ To Resign

Live updates

1. 2h ago

   Trump Demands Jerome Powell Resign After Fed Renovation Report

   President Donald Trump is calling for former Federal Reserve Chair Jerome Powell to be forced to resign from the board following an Inspector General report on the central bank's headquarters renovation. While the watchdog found no illegal activity or grounds for a criminal referral, the report cited management failures and cost overruns. Trump's chief economic adviser, Kevin Hassett, also urged Powell to leave the board. The dispute centers on the handling of a renovation project with costs cited between 1 billion and 2.5 billion dollars.

   Why it matters

   The Federal Reserve maintains independence from the executive branch to manage monetary policy. Attempts to remove governors or chairs often face significant legal hurdles. This conflict adds to existing tensions between Trump and other Fed officials including Lisa Cook and Michael Barr.

   What is confirmed

   • The Federal Reserve watchdog found no misconduct or illegal activity in the headquarters renovation.
   • President Donald Trump stated on social media that Jerome Powell should be forced to resign from the board.
   • The Inspector General report cited management failures regarding the renovation project.
   • Kevin Hassett, chief economic adviser to Trump, called for Powell to leave the Fed board.

   Still unconfirmed

   • The renovation cost overrun was roughly 1 billion dollars.
   • The renovation cost overrun was 2.4 billion dollars.
   • The renovation project cost 2.5 billion dollars.

   What to watch next

   • Results of the looming independent audit of the renovation project
   • Legal challenges regarding the removal of Fed governors
   • Department of Justice decisions on reopening the case
   Sources used for this update (13)

   1. The New York Times — Fed’s Watchdog Finds No Misconduct or Illegal Activity in Costly Renovations
   2. forbes.com — Trump Says Jerome Powell Should Be ‘Forced’ To Resign
   3. Fox Business — The final verdict is in for the Fed's troubled renovation and Jerome Powell
   4. Reuters — Watchdog finds no Fed misconduct in renovation; Trump calls for Powell's resignation
   5. axios.com — Fed watchdog clears former chair Powell in renovation probe
   6. flipboard.com — Trump says IG report means Powell must be 'forced to resign'
   7. www.france24.com — Trump renews calls for former Federal Reserve chief Jerome Powell's resignation - France 24
   8. www.yahoo.com — Trump targets three Fed governors for removal amid legal hurdles
   9. www.businesspost.ie — Trump says Powell should be forced to resign from Fed board | Business Post
   10. www.facilitiesdive.com — Watchdog finds mismanagement, not criminality, in $2.5B Federal Reserve HQ renovation
   11. politicalwire.com — Trump Says Powell Should Be Forced to Resign from Fed - Political Wire
   12. www.briefs.co — Hassett Says Powell Should Exit Fed Board as Audit Looms Over $2.4B HQ Overrun
   confidence 95%