Federal Housing Finance Agency Director Bill Pulte has suggested that Federal Reserve Chair Jerome Powell may be considering resigning, citing reports from unspecified sources. This comes as President Donald Trump has publicly pressured Powell to cut interest rates and Trump-backed criticism of the Fed’s handling of monetary policy.
Pulte, a vocal critic of Powell, released a statement on X and the agency’s website saying that Powell’s resignation would be “the right decision for America” and lead to an economic boom. However, it is unclear where Pulte obtained this information.
Trump has also publicly called for Powell’s resignation, saying he should step down if he lied to Congress about the Fed’s renovation project. The president wants to replace Powell with a chair who would lower interest rates.
The Federal Reserve’s renovation of its office buildings was initially estimated to cost $1.9 billion but rose due to increased construction costs. Trump has criticized the project, saying it “feel[s] more like they belong in the Palace of Versailles than a public institution.”
Fed Chairman Powell previously responded to criticism about the project, stating that he took responsibility for the cost overruns and clarified that some media reports were misleading.
Source: https://www.foxbusiness.com/economy/director-federal-agency-suggests-fed-chairman-powell-considering-resigning