President Donald Trump has renewed pressure on Jerome Powell to resign from the Federal Reserve Board of Governors, citing cost overruns on headquarters renovations despite a September 30 inspector general report finding no criminal violations or administrative misconduct by Powell. Trump directed Attorney General Todd Blanche to review the findings and publicly called for immediate resignation or a government lawsuit over alleged corruption or incompetence. Powell's governor term runs through January 2028, protected by the Federal Reserve Act's "for cause" removal standard, which limits presidential authority and has prompted legal warnings that courts would likely block any attempt. Similar efforts target other governors, while bond markets have reacted to risks of eroded central bank independence ahead of the October 28 rate decision and November midterms.
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