President Donald Trump on Wednesday demanded that former Federal Reserve Chair Jerome Powell resign from the central bank's board, citing massive cost overruns in the renovation of the Fed's headquarters.

Trump referred to Powell as "Too Late" Powell in a statement and said the former chair should be forced to resign at a minimum. The president highlighted that the building project was over budget at a record-setting rate.

A Federal Reserve inspector general report released this week found no criminal wrongdoing in the project but identified significant mismanagement and failures in oversight during Powell's tenure as chair. The renovations ultimately cost around $2.4 billion.

Trump has long criticized Powell's leadership at the Fed, including repeated public pressure to lower interest rates during his previous term. The latest comments come amid ongoing scrutiny of the renovation project, which became a flashpoint in Trump's broader attacks on the central bank.

The inspector general's findings cleared Powell and the Fed of any criminal violations related to the project, though critics have pointed to the substantial overruns as evidence of poor management. Powell stepped down as chair earlier but remains on the Fed's board of governors.

White House officials have indicated the administration will continue to review the report and consider further actions regarding accountability at the Federal Reserve. The developments underscore tensions between the executive branch and the independent central bank.