‘Malfeasance': Donald Trump's housing chief urges Congress to probe Fed's Jerome Powell; cites 'deceptive' testimony
US President Donald Trump's top housing regulator is intensifying his clash with federal reserve chair Jerome Powell, urging Congress to launch an investigation into the central bank leader.
Federal housing finance agency director Bill Pulte, who has voiced growing concerns that high borrowing rates are harming the housing market, urged lawmakers on Wednesday to investigate Powell for alleged 'political bias' and for his recent Senate testimony regarding renovations at the Fed's headquarters.
Pulte accused Powell of lying to Congress last week about the condition of the nearly 100-year-old building, which Powell described as requiring 'serious renovation.'
'This is nothing short of malfeasance and warrants 'for cause' removal,' Pulte said in the statement posted on X. 'Chairman Powell must be investigated by Congress immediately.'
Pulte's criticism mirrors that of President Donald Trump, who has repeatedly attacked Fed Chair, recently dubbing him 'too late' for not cutting interest rates sooner. Earlier this week, Trump sent Powell a handwritten note claiming, 'you have cost the USA a fortune, and continue to do so,' pointing out that US interest rates are still higher than those in many other major economies.
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The attack over the Fed building renovations marks a new angle in the administration's criticism of Powell. During a hearing, senate banking chair Tim Scott questioned the Fed chief about the project, referencing a New York Post article that likened the renovations to the 'Palace of Versailles.'
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