White House Adviser Hassett Urges Powell to Exit Fed Board After $2.4B Renovation Report

White House National Economic Council Director Kevin Hassett called on Jerome Powell to leave the Federal Reserve's board of governors, saying on Fox News on Oct. 4 that "it's time for him to move on and to respect the independence of the Fed." The remark follows a Sept. 30 Fed inspector general report citing management deficiencies that nearly doubled the cost of the central bank's $2.4 billion Washington headquarters renovation. The watchdog found no evidence of criminal wrongdoing or administrative misconduct. President Donald Trump responded by saying Powell "should be forced to resign from the Board." Attorney General Todd Blanche said the Justice Department will not reopen a criminal probe based on the findings but could investigate if an independent audit uncovers criminal conduct. Powell, who remains on the board after his chair term ended in May, has said investigation threats compelled him to stay. The Fed, now led by Chairman Kevin Warsh, raised rates by a quarter point last month.