After continuous calls for Federal Reserve Board Chairman Jerome Powell to resign over the past week — at times asking, at times demanding — Federal Housing Finance Agency (FHFA) Director William J. Pulte has called for an investigation into the Fed leader.
Pulte claims Powell lied under oath to Congress in his testimony June 24-25, specifically regarding a $2.5 billion renovation of the Federal Reserve’s office building.
“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 in an official FHFA document posted via X.
“Jerome Powell’s $2.5B Building Renovation Scandal stinks to high heaven, and he lied when asked about the specifics before Congress. This is nothing short of malfeasance and is worthy of ‘for cause,’” Pulte continued.
He cited comments from Sen. Cynthia Lummis (R-WY) that Powell “made a number of factually inaccurate statements to the Committee [on Banking, Housing, and Urban Affairs] regarding the Fed’s plush private dining room and elevator, skylights, water features, and roof terrace,” which were “typical of the ‘don’t bother me’ attitude that Chair Powell has always shown.”
According to Bloomberg and multiple other news reports, Rep. Jim Jordan (R-OH), chairman of the U.S. House of Representatives Committee on the Judiciary and a member of the House Committee on Oversight and Accountability, said he will “look into” an investigation of Powell.
Pulte has said he grew up around construction sites, and his family has a history in the construction business. His grandfather founded PulteGroup, a residential home construction company, and Pulte also founded an investment firm, Pulte Capital Partners, focused on home service businesses.
Given his history and knowledge of construction and home-building, Director Pulte has called the Federal Reserve’s headquarters renovation suspect.
“How does one spend $2.5 billion on a building renovation? Something smells,” Pulte posted yesterday on X. Then he put it more bluntly: “If you told me $500 million, I’d say that’s a sh*t load — but $2.5 billion?” Pulte posted Wednesday evening.
In response to Pulte’s call for Congress to investigate Powell, President Trump demanded Powell immediately resign, using his chiding nickname for the Fed Chairman.
“‘Too Late’ should resign immediately!!!” the President posted yesterday evening on Truth Social.
