Trump, Pulte Call For Federal Investigation Into Jerome Powell

President Donald J. Trump has renewed his call for Federal Reserve Chairman Jerome Powell to step down — this time amid serious allegations that Powell may have misled Congress under oath.

In a post on Truth Social Wednesday, Trump didn’t mince words, calling the Fed chair by his infamous nickname “Too Late,” and declaring:
“‘Too Late’ should resign immediately!!!”

Trump’s statement came in response to a Bloomberg report outlining bombshell accusations by Federal Housing Finance Agency Director Bill Pulte, who is now urging Congress to launch a formal investigation into Powell’s testimony before the Senate Banking Committee.

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According to Politico, Pulte alleges that Powell misled lawmakers regarding the Federal Reserve’s $2.5 billion headquarters renovation in Washington, D.C. During the Senate hearing, Powell downplayed the scale and cost of the project, suggesting that more extravagant expenditures had already been dropped. He insisted that what remained — such as elevator upgrades and marble replacements — were routine maintenance.

But Pulte says that’s just not true.

He called Powell’s testimony “deceptive,” accusing the Fed Chair of deliberately minimizing the project’s scope and giving misleading answers that, in his view, justify firing Powell for cause.

“This is nothing short of malfeasance and is worthy of ‘for cause’ removal,” Pulte said in a statement posted to X. “Chairman Powell needs to be investigated by Congress immediately.”

Pulte — a longtime critic of Powell’s high interest rate policy, which he says is crushing the U.S. housing market — also raised alarms about political bias. He believes Powell’s conduct suggests a lack of independence at the central bank and a deliberate effort to hide the truth from the American people and their elected representatives.

This latest episode further escalates President Trump’s feud with Powell, who was initially appointed to lead the Federal Reserve by Trump in 2018. In April of this year, Trump again blasted Powell, this time for failing to cut interest rates quickly enough to compete with Europe’s monetary policy decisions.

“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!”

Trump’s fiery response came just hours after Powell criticized the Trump administration’s bold trade policies — particularly tariffs — calling them “larger than anticipated” and warning they could affect economic growth. The very next day, the European Central Bank cut interest rates for the seventh time in a year, further highlighting the Fed’s sluggish approach.

Despite Powell being reappointed in 2021 by then-President Joe Biden, his credibility has continued to deteriorate — especially among conservatives and free-market advocates who say the Fed’s decisions have harmed working Americans and benefited political elites.

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Trump, who once labeled Powell “the enemy” back in 2019, has made it clear he does not intend to reappoint him for another term and has flirted with the idea of removing him early. Though Powell has claimed that such removal is not allowed by law, Trump has previously said he holds “the right to remove [Powell] as chairman” and wouldn’t hesitate to act if the Fed continues to stand in the way of economic progress.

Powell’s current term ends in May 2026 — but with mounting congressional scrutiny, whistleblowers stepping forward, and President Trump’s second term in full swing, that end date may arrive much sooner than anticipated.


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