Donald Trump demanded on September 30 that Jerome Powell leave the Federal Reserve’s Board of Governors, following the publication of the institution’s inspector general report on the renovation of its Washington headquarters. The project’s budget rose from $1.317 billion in February 2020 to $2.381 billion in December 2024, and the report identifies management failures without finding any criminal offense or administrative fault. Trump predicts a final bill of $3.5 to $4 billion and has asked the Attorney General to review the document, while Powell, whose term runs until January 2028, had made no public statement. Legally, a Fed governor can only be removed « for cause, » and the Supreme Court confirmed on June 29, 2026, by a 5-4 vote, that a governor cannot be dismissed without proper procedure.
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