President Donald Trump told the chair of the Federal Reserve to vacate his seat on the board immediately or risk being sued by the U.S. government for corruption or incompetence. Trump directed Attorney General Blanche to review a newly released inspection report on the central bank's office refurbishment, threatening legal action from the "highest level" of government if Jerome Powell does not step down.

The Federal Reserve's inspector general found no criminal wrongdoing or administrative misconduct in a 120 page report, though it criticized deficiencies in the management of the headquarters and adjacent property. The project saw estimated costs rise from $1.3 billion to $2.8 billion, but the probe found that high-gloss design finishes were not a primary driver of those overruns. The Fed will commission a separate independent audit to address the identified failures.