Trump Demands Resignation of Jerome Powell Over Fed Budget Scandal

Donald Trump has demanded the immediate resignation of Federal Reserve Chairman Jerome Powell. The basis for this decision was an inspector general report that revealed serious deficiencies in the management of the regulator's headquarters reconstruction project.

The president pointed out that renovation costs significantly exceeded the initial budget by hundreds of millions of dollars. In light of this, Trump directed Attorney General Todd Blanche to review the report materials and determine further legal steps.

Threats of Legal Prosecution

If Jerome Powell refuses to step down, the US president threatened to consider filing a lawsuit. The document could include accusations against the Fed chairman of corruption or incompetence.

Powell's Status and Authority

After completing his term as Fed chairman, Jerome Powell retains his status as a member of the Federal Open Market Committee. He continues to participate in votes on key interest rate decisions.

His current term on the Board of Governors of the Federal Reserve System expires on January 31, 2028.