President Trump on Wednesday called for Federal Reserve Chair Jerome Powell to resign after the overseer of Fannie Mae and Freddie Mac called for Congress to investigate Powell over past comments to lawmakers.
“‘Too Late’ should resign immediately!!!” Trump posted on Truth Social, using his nickname for Powell.
Trump also linked to an article from Bloomberg News detailing comments from Federal Housing Finance Agency (FHFA) Director Bill Pulte, a Powell critic who accused the Fed chair of lying to lawmakers during testimony before the Senate Banking Committee last week.
Pulte said Powell lied to members of the panel when answering questions about renovations to the Fed’s Washington, D.C., headquarters.
When pressed by senators on the Fed’s alleged $2.5 billion renovation plan, Powell said some of the more fanciful inclusions were part of older plans and have since been scrapped. Other costs, such as repairing elevators that go directly to board members’ offices and marble fixtures, were basic upkeep of features that have always been in the building, he said.
Pulte, however, accused Powell of deliberately misleading senators with “deceptive” testimony and argued his statements were enough to qualify as adequate cause to fire him.
Rep. Jim Jordan (R-Ohio), who serves as chair of the House Judiciary Committee, told Bloomberg that lawmakers will look at calls to investigate Powell.
Trump has for months railed against Powell, nicknaming him “Too Late” and bemoaning the Fed’s decision to keep interest rates steady. Trump has mused about firing Powell, whom he appointed to the job in 2017.
Powell’s term ends in 2026.
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