US President Donald Trump has called for Federal Reserve Chair Jerome Powell to resign over allegations of “deceptive” testimony to Congress. The call comes after FHFA Director Bill Pulte, who oversees the Federal Housing Finance Agency, accused Powell of giving false information about the Fed’s renovation plans and accused him of having a political bias.
Trump expressed frustration with Powell for months, citing his refusal to lower interest rates as costing the US a “fortune.” On Monday, White House press secretary Karoline Leavitt read a note from Trump to Powell, stating that he should lower interest rates by a lot to avoid losing hundreds of billions of dollars. The note was seen as a scathing criticism of Powell’s policies.
FHFA Director Pulte has asked Congress to investigate Powell’s actions, claiming that his testimony was “deceptive” and sufficient grounds for removal. Sen. Cynthia Lummis has also accused Powell of making factually inaccurate statements about the Fed’s renovation plans, which Pulte has described as “malfeasance.”
The situation escalated when Trump reposted a Bloomberg article on Pulte’s call for an investigation into Powell to his Truth Social account, with the caption “‘Too Late’ should resign immediately!!!” House Judiciary Chair Jim Jordan has stated that everything is on the table for investigation, but so far, no official comments from the Fed have been made.
Source: https://www.foxbusiness.com/politics/president-trump-calls-fed-chair-jerome-powell-immediately-resign-too-late