The head of the Federal Housing Finance Agency called Wednesday for Congress to investigate Federal Reserve Chair Jerome Powell, accusing him of providing “deceptive” testimony about the central bank’s headquarters renovation costs, a demand that President Donald Trump quickly amplified on social media.
FHFA Director Bill Pulte, who oversees mortgage giants Fannie Mae and Freddie Mac, alleged that Powell misled lawmakers during recent Senate Banking Committee testimony about the Fed’s $2.5 billion renovation project.
“I am asking Congress to investigate Chairman Jerome Powell, his political bias, and his deceptive Senate testimony, which is enough to be removed ‘for cause,'” Pulte said Wednesday in a social media post, alleging that Powell made inaccurate statements without providing evidence.
Trump also posted on Truth Social that “‘Too Late’ should resign immediately!!!” using his nickname for Powell.
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During Senate questioning about the renovation project, Powell defended the expenses by explaining that expensive elements like elevator repairs and marble work represented routine building maintenance that had been mischaracterized in media reports.
Powell disputed reports about the renovation project’s costs during the Senate hearing, calling them “misleading and inaccurate in many, many respects.” He said renovation plans have continued to evolve and expressed openness to discussing costs with lawmakers.
Pulte has spent recent weeks criticizing Powell’s approach to interest rate policy, arguing that the Fed chief is harming the US economy and the housing market, where average 30-year fixed mortgage rates are close to 7 percent. As FHFA director, Pulte works with fellow regulators, including the Fed, to oversee mortgage market stability.
The Fed maintains its baseline interest rate at 4.25% to 4.5%, and Trump has maintained a months-long campaign against Powell. He criticized the Fed’s decision to keep interest rates steady rather than cutting borrowing costs more aggressively. The president previously said he would choose a Fed chair successor who wants to cut borrowing costs when Powell’s term expires next year.
According to Bloomberg, Rep. Jim Jordan of Ohio, who chairs the House Judiciary Committee, said his panel would consider investigating Powell.
A recent Supreme Court ruling has provided protections for Federal Reserve officials from presidential dismissal attempts, a decision that likely limits concerns about potential moves to remove Powell.
Powell’s term as Fed chair ends in 2026. Trump had appointed Powell to the position in 2017 but later criticized his performance and considered replacing him.
Pulte holds significant financial interests in real estate development and disclosed more than $80 million in assets related to housing, property management, or air conditioning and heating companies in his 2025 financial disclosure form.
Read: Trump Renews Push to Privatize Fannie Mae, Freddie Mac
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