Trump Advisor Calls on Former Fed Chair Jerome Powell to Resign from Board
President Trump's economic advisor Kevin Hassett urged former Fed Chair Jerome Powell to resign from the central bank's board following a renovation cost report.
Top economic advisor to President Donald Trump has called on former Federal Reserve Chair Jerome Powell to step down from the central bank's Board of Governors following an internal report detailing management failures in the multi-billion-dollar renovation of its Washington headquarters.
Kevin Hassett, head of the White House National Economic Council, told Fox News that it was time for Powell to move on and respect the institution's independence. The internal inspector general report released September 30 found no evidence of criminal wrongdoing, but highlighted severe management failures that nearly doubled the renovation costs to 2.4 billion dollars.
President Trump took to Truth Social to demand Powell's resignation from the board. Meanwhile, U.S. Attorney Todd Blanche stated that the Department of Justice would not reopen a criminal investigation based on the findings, though an independent auditor will review the construction costs further.
Powell has continued to serve on the Fed's Board of Governors since his term as chair ended in May, breaking with the long-standing tradition of departing the central bank entirely after completing executive leadership.
