Donald Trump has called for the immediate resignation of Jerome Powell from the Federal Reserve following an inspector general's report on the renovation of the regulator's headquarters in Washington. The report identified project management deficiencies; expenses have already exceeded $2 billion, no guaranteed maximum price has been set, and the stated $2.5 billion could rise to $3.5–4 billion.

In his statement, Trump called Powell "always late," said he "cannot even manage a building renovation," and "certainly should not be in charge of high interest rate policy." According to Trump, the Board of Governors has "completely destroyed the beauty and glorious history" of the building. He demanded that Powell resign immediately, and if he refuses, urged the U.S. government to file "the most serious lawsuit possible—either for corruption or incompetence."

Powell Remains on the Board of Governors Until 2028

Powell no longer chairs the Fed but remains a member of the Board of Governors. His term on the Board ends January 31, 2028.