Trump could pursue removal of three Fed governors as litigation complicates effort

  • Trump is weighing removal of Jerome Powell, Lisa Cook and Michael Barr.
  • The headquarters renovation exceeded expected costs by roughly $1 billion.
  • Cook received formal notice, but courts must still assess whether cause exists.

President Donald Trump is weighing whether to seek the removal of former Chair Jerome Powell, Governor Lisa Cook and former Vice Chair Michael Barr from the Federal Reserve Board. The consideration follows an inspector general report that attributed roughly $1 billion in additional headquarters renovation costs to organizational and managerial breakdowns, while finding no grounds for a criminal referral or administrative misconduct. Trump called for Powell to resign and directed Attorney General Todd Blanche to review the findings. Recent court rulings could make any removals difficult: the Supreme Court required that Cook receive notice of the charges and an opportunity to respond, and further litigation would still test whether sufficient cause exists. Powell remains a governor through January 2028, while separate scrutiny of Barr concerns the Fed’s supervision before Silicon Valley Bank collapsed in 2023.

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