Trump, Pulte Call For Federal Investigation Into Jerome Powell
President Donald Trump on Wednesday called for Federal Reserve Chair Jerome Powell to step down after the head of Fannie Mae and Freddie Mac demanded Congress launch an investigation into Powell’s recent testimony to lawmakers.
“‘Too Late’ should resign immediately!!!” Trump wrote on Truth Social, using his nickname for Powell.
Trump also linked to a Bloomberg report that laid out the accusations made by Federal Housing Finance Agency Director Bill Pulte, who claims Powell lied under oath during a Senate Banking Committee hearing last week.
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Pulte said Powell misled lawmakers when questioned about the Fed’s controversial $2.5 billion renovation plan for its Washington, D.C., headquarters, Politico reported.
When asked by senators, Powell said the more extreme renovation items were part of older plans that had already been dropped. He insisted that other expenses, like fixing elevators to board members’ offices and replacing marble fixtures, were simply part of maintaining the existing structure.
Pulte didn’t buy it.
He accused Powell of delivering “deceptive” testimony and said the Fed chair gave answers that rise to the level of being fired for cause.
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“This is nothing short of malfeasance and is worthy of ‘for cause’ removal,” Pulte said in a statement on X. “Chairman Powell needs to be investigated by Congress immediately.”
Pulte, who has repeatedly warned that the Fed’s high interest rates are crushing the housing market, is also demanding an inquiry into what he called Powell’s “political bias.” He claims Powell deliberately downplayed the scope of the Fed’s renovation project, which Powell had previously described as a “serious” and much-needed overhaul of the nearly 100-year-old facility.
In April, President Trump stepped up his criticism of Federal Reserve Chair Jerome Powell, calling for his “termination” for not dropping interest rates rapidly enough.
His remarks came one day after the central bank governor issued a harsh warning about the impact of Trump’s sweeping tariffs on the economy.
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In a social media post, Trump slammed Powell, claiming that the US central bank is falling behind its European equivalent. Later that day, the European Central Bank announced that interest rates would be slashed for the seventh time in a year.
“Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete ‘mess!’ Trump wrote. “Powell’s termination cannot come fast enough!”
Powell said the Trump administration has brought “very fundamental policy changes,” including his sweeping tariffs that are “significantly larger than anticipated.”
Powell was appointed Fed Chair by Trump in 2018 and reappointed by President Joe Biden in 2021. His current term concludes in May 2026.
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Trump has often threatened to dismiss Powell from his position, and criticism of his Fed chief dates back to 2018, when Powell took over the world’s most powerful central bank.
The Fed hiked interest rates a few times that year, concerned that a historically tight employment market would drive up inflation. In 2019, Trump even described Powell as “the enemy.”
Trump told reporters in March 2020 that he had the “right to remove (Powell) as chairman” and that “he has, so far, made a lot of bad decisions, in my opinion,” after markets tanked due to the epidemic. He did, however, praise Powell for reducing interest rates to zero in order to avoid an economic disaster.
According to a July Bloomberg interview, Trump has stated that he will not reappoint Powell for a third term and will allow him to finish his term, “especially if I thought he was doing the right thing.”
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Powell has stated unequivocally that dismissing a Fed chair is “not permitted under the law,” and that he wants to serve out the duration of his term.
