Trump renews calls for former Federal Reserve chief Jerome Powell's resignation
Summary
The Federal Reserve's Inspector General found no criminal wrongdoing in a $1 billion cost overrun for a building renovation but blamed poor oversight. President Donald Trump responded by renewing his demand that former Federal Reserve Chair Jerome Powell resign over the issue.Key Facts
- The renovation of two Federal Reserve buildings in Washington went over budget by about $1 billion, bringing the total cost to $2.4 billion.
- The Inspector General’s report found no evidence of criminal activity or administrative misconduct in the project.
- The report criticized the management and oversight of the renovation, calling it inadequate.
- President Donald Trump called for Jerome Powell, who was Fed Chair during the renovation, to resign.
- Trump also suggested suing Powell for corruption or incompetence if he does not resign.
- Powell has not commented on the report.
- Kevin Warsh, the current Fed Chair, said he will follow the report’s recommendations and hire an independent auditor to review costs.
- Trump is also seeking to remove Fed Governor Lisa Cook over a separate issue.
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