Federal Reserve Chair Jerome Powell is currently facing significant political pressure but has not resigned. Speculation about his potential resignation has intensified due to controversy over a 2.5 billion renovation of the Federal Reserve's Washington, D.C., headquarters, which has exceeded its initial1.9 billion budget. Critics, including President Donald Trump, have labeled the project extravagant and accused Powell of misleading Congress about its features.
President Trump has publicly criticized Powell's leadership, suggesting he should "resign immediately," and has appointed new members to the National Capital Planning Commission, which oversees such federal projects. Despite these actions, there are currently no formal plans to replace Powell, whose term runs through May 2026.
Powell has stated unequivocally that he will not resign if asked by the president, emphasizing that the law does not permit the president to fire or demote the Federal Reserve Chair. He remains committed to serving out his term, and while the situation has created uncertainty, there is no official confirmation of his resignation at this time.