New Delhi, Oct. 1 -- US President Donald Trump has called for former Federal Reserve Chair Jerome Powell to resign from the central bank's Board of Governors over the renovation of the Fed's Washington headquarters controversy. This is despite the fact that an internal watchdog found no evidence of criminal wrongdoing.

The Fed's Office of Inspector General (OIG), in a report released Wednesday, said it found no "reasonable grounds to believe that a violation of federal criminal law had occurred." The report also did not identify any "administrative misconduct" in the $2.4 billion renovation project.

The controversy centres on the cost and management of the renovation of the Fed's headquarters. The project was initially estimated at abou...