Trump Renews Call for Powell to Leave Fed Board
The Federal Reserve's watchdog investigated a building renovation project. Renovations to its Washington buildings went about $1 billion over budget.
The inspector general found no grounds for criminal charges. It also found no criminal activity by Jerome Powell.
Powell is the Federal Reserve's former chief. The watchdog found poor oversight and cost-control failures.
The Fed had no early cost estimate or price cap. President Trump renewed his call for Powell to resign.
He wants Powell forced off the Fed Board. Kevin Warsh is now the Fed chair.
Powell still remains on the Board. The Fed said another agency will help finish the project.
That agency is the General Services Administration. Powell asked for this inspector general review in July 2025.
The Justice Department separately investigated Powell's testimony on the renovation. It dropped that investigation earlier in 2026.
Key Terms 5
- Federal Reserve The central bank of the United States, often called the Fed.
- inspector general An official watchdog who checks for waste or wrongdoing.
- Jerome Powell Former chief of the Federal Reserve, still a board member.
- Kevin Warsh The current chief of the Federal Reserve.
- General Services Administration A US government agency that manages federal buildings and projects.