Kevin Hassett calls for Jerome Powell to resign from Fed Board

Kevin Hassett, the White House National Economic Council Director and a top advisor to Donald Trump, has called for Jerome Powell to resign from the Federal Reserve Board of Governors. This demand follows an internal oversight report regarding the management of a $2.4 billion renovation project for the central bank's headquarters.

The report, released September 30, noted management deficiencies that nearly doubled the project's original cost. While the oversight service found no evidence of criminal wrongdoing or administrative misconduct, Hassett stated that it is time for Powell to step down to respect the independence of the Fed.

Donald Trump also expressed support for Powell's resignation via social media. U.S. Attorney General Todd Blance announced that the Department of Justice will not reopen a criminal investigation into Powell based on the current findings. However, the Fed has commissioned an independent audit of the project costs, and Blance noted that the DOJ would investigate if any evidence of criminal activity emerges from that review.