Trump renews calls for former Federal Reserve chief Jerome Powell's resignation

The Federal Reserve's watchdog on Wednesday found no grounds for a criminal referral over a roughly $1 billion cost overrun on renovations to the central bank's Washington buildings, while faulting project oversight. The findings prompted President Donald Trump to renew his call for former Fed chief Jerome Powell to resign.

Jerome Powell, then-chairman of the U.S. Federal Reserve, at a press conference in Washington on March 18, 2026. © Brendan Smialowski, AFP

The Federal Reserve 's Inspector General on Wednesday said it found no grounds for a criminal referral or evidence of administrative misconduct tied to cost overruns in a US central bank renovation project.

However, its conclusion there was lax oversight drew a fresh call from President Donald Trump for former Federal Reserve chief Jerome Powell 's resignation.

The Fed watchdog's report highlighted extensive problems with project oversight that contributed to a roughly $1 billion cost overrun for the renovation of the central bank 's two historic buildings on the National Mall in Washington .

Trump had latched onto the cost overrun on the project, which now has a price tag of about $2.4 billion, in his effort to engineer Powell's ouster and gain influence over the direction of monetary policy. Trump also is trying to sack Fed Governor Lisa Cook over alleged wrongdoing in an unrelated matter.

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