President Donald Trump on Wednesday called for Federal Reserve Chair Jerome Powell to resign immediately after Bill Pulte, head of Fannie Mae and Freddie Mac, demanded a congressional investigation into Powell\u2019s recent testimony. Trump used his usual nickname for Powell, \u201cToo Late,\u201d in a Truth Social post linking to a Bloomberg report about the accusations.<\/p>\n
Pulte claims Powell lied under oath during a Senate Banking Committee hearing last week, specifically about the Fed\u2019s controversial $2.5 billion renovation plan for its Washington, D.C., headquarters. Powell had told senators that the more extravagant renovation items were from older plans that had been dropped.<\/p>\n
He also said current expenses\u2014such as fixing elevators and replacing marble fixtures\u2014were part of necessary maintenance. Pulte rejected these explanations, calling Powell\u2019s testimony \u201cdeceptive\u201d and stating it warranted removal \u201cfor cause.\u201d<\/p>\n
The Federal Housing Finance Agency director also accused Powell of political bias and downplaying the renovation\u2019s true scope, which Powell had earlier described as a \u201cserious\u201d overhaul of the nearly century-old building. Pulte has repeatedly warned that the Fed\u2019s high interest rates are harming the housing market.<\/p>\n
Trump\u2019s latest criticism follows his long-standing feud with Powell, dating back to 2018 when Powell took over the Fed. Trump has repeatedly condemned Powell for being slow to adjust interest rates and has even called him \u201cthe enemy.\u201d<\/p>\n
In April, Trump demanded Powell\u2019s \u201ctermination\u201d for not lowering rates quickly enough. Powell\u2019s recent warnings about the economic impact of Trump\u2019s tariffs only intensified tensions.<\/p>\n
Despite Trump\u2019s calls for removal, Powell has stated that firing a Fed chair is \u201cnot permitted under the law\u201d and intends to serve out his term, which runs until May 2026. Trump has said he will not reappoint Powell for a third term unless he believes Powell is \u201cdoing the right thing.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
President Donald Trump on Wednesday called for Federal Reserve Chair Jerome Powell to resign immediately after Bill Pulte, head of Fannie Mae and Freddie Mac, demanded a… <\/p>\n","protected":false},"author":2,"featured_media":7787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-7786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n