It's no secret that President Donald Trump is not a fan of former Federal Reserve Chairman Jerome Powell.
A new report released by the Federal Reserve Inspector General's Office has only heightened Trump's disdain for Powell, and in a Truth Social post written in response to the report, the President revealed what he hopes will be next for him.
Before we get to that, let's take a look at the findings:
The Federal Reserve’s inspector general determined management and oversight failures contributed to major cost overruns in the central bank’s headquarters renovation, but found no grounds for a criminal referral, it said in a report released Wednesday morning.
“At no point during our evaluation did we find reasonable grounds to believe that a violation of federal criminal law had occurred requiring a referral to the U.S. Attorney General in accordance with the Inspector General Act,” the report from the Fed’s inspector general states.
The summary page from the report noted that "we determined that the Board did not take numerous actions available to it that could have better controlled costs and mitigated some of the significant construction cost increases."
"We also found that the Board’s internal project governance was insufficient to manage a project of this magnitude and complexity," they added.
In response to the findings, conclusions, and recommendations, Trump sounded off on his social media platform and shared what he hopes comes next for Powell:
The Inspector General’s Report just came out on Jerome “Too Late” Powell’s “renovation” of the Federal Reserve Headquarters in Washington, D.C. The IG’s Report states that there were “deficiencies in the management of the renovation project.” The Building is over budget, at a Record Setting rate and, at a minimum, “Too Late” Powell should be forced to resign from the Board. He can’t manage a Building, and he certainly shouldn’t be allowed to manage his High Interest Rate Policy (only on “TRUMP!”). I have asked Attorney General Todd Blanche to study the report, and make a determination as to what to do about a relatively small Building Complex that is Hundreds of Millions of Dollars over budget, and is now going to cost, according to the Report, at least 2.5 Billion Dollars, with no end in sight.
Trump continued:
The Report states, “We were concerned to find that the Board did not obtain a project cost estimate from the [construction manager] until January 2026, which was 3.5 years after construction began and after the Board had awarded more than $2 billion in construction costs. As of July 2026, more than 4 years after construction began and $2 billion has been awarded for construction, the Board had yet to set a [guaranteed maximum price]” — An absolutely unheard of situation! — “The Board therefore still does not have cost certainty and has not transferred material risk to the [construction manager]." In actuality, I think that the 2.5 Billion Dollars will be 3.5 Billion Dollars, and maybe 4 Billion Dollars by the time they’re finished, and may never get properly built. Soundproofing, and all other elements of the Building, will be inferior to what was previously there. In particular, the magnificent beauty, sculptured ceilings and walls, and so many other things which made the Federal Reserve Building stand apart, will never be captured again, and are only being replaced by flat, boring, less than midlevel finishes. I could have done a far better Renovation for 25 Million Dollars, completely maintaining the MAGNIFICENCE of the structure, and had money left over. They completely destroyed the Beauty and Glorious History of the Building.
In closing, he wrote:
This is Jerome Powell’s fault, and he should be forced to resign, IMMEDIATELY! If he doesn’t resign, he should be sued, at the highest level, by the United States Government, for either corruption or incompetence, both of which are completely unacceptable…And no, I do not want this Building named after President Donald J. Trump, ME! Thank you for your attention to this matter. President DONALD J. TRUMP
— Rapid Response 47 (@RapidResponse47) September 30, 2026
The full 121-page report from the IG can be read here (PDF).
Editor's Note: President Trump is leading America into the "Golden Age" as Democrats desperately try to stop it.
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