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Trump Demands Powell’s Resignation After Housing Regulator Calls for Probe

President’s call followed FHFA chief’s formal request for a probe into alleged deceptive testimony on a $2.5 billion Fed headquarters renovation.

President Donald Trump has started publicly calling Federal Reserve Chair Jerome Powell "Too Late Powell" and "Mr. Too Late" because the Fed hasn't lowered interest rates. (MARK SCHIEFELBEIN/AP)
U.S. Secretary of the Treasury Scott Bessent speaks during a press conference following a weekly policy luncheon on Capitol Hill in Washington, D.C., U.S., June 24, 2025. REUTERS/Kevin Mohatt/File Photo
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Overview

  • FHFA Director Bill Pulte formally asked Congress to investigate Fed Chair Jerome Powell for allegedly deceptive Senate testimony about a $2.5 billion Washington, D.C., headquarters renovation and argued it constituted cause for removal.
  • President Trump amplified Pulte’s demand on Truth Social, deriding Powell as “Too Late” for holding interest rates steady and insisting he resign at once.
  • Powell has rejected the renovation scandal claims, telling senators that proposed luxury features were outdated or inaccurate and refusing to step down.
  • House Judiciary Committee leaders, including Chairman Jim Jordan, say they will consider launching a formal oversight probe into Powell’s conduct.
  • A recent Supreme Court decision limits presidential removal of Fed leaders to cases of misconduct, reinforcing the central bank’s legal independence.