President Trump has dropped a political nuke — demanding the immediate resignation of Federal Reserve Chair Jerome Powell. Why? It all stems from a bombshell accusation: lying under oath to Congress.
Federal Housing Finance Agency head Bill Pulte is calling on lawmakers to investigate Powell for what he claims was deceptive testimony regarding the Fed’s controversial $2.5 billion headquarters renovation. Pulte says Powell misled the Senate about how the money would be used — and he's not holding back.
“This rises to the level of being fired for cause,” Pulte said in a fiery statement on X, accusing Powell of “malfeasance.” Trump wasted no time echoing the call, posting on Truth Social: “‘Too Late’ should resign immediately!!!”
Powell’s comments under scrutiny? He claimed certain lavish renovation items were dropped long ago. But insiders suggest that wasn’t entirely true — and now Congress may have to step in.
The fallout comes as Trump intensifies criticism of Powell for keeping interest rates high — a policy Trump says is crippling the housing market. Powell, first appointed by Trump in 2018 and reappointed by Biden, has long been in Trump’s crosshairs.
From calling him “the enemy” to now demanding his removal, Trump’s war with Powell may finally be reaching its breaking point.
Is this the beginning of the end for the Fed Chair? Or just the first round of an election-year showdown?
Read the full breakdown and what it could mean for the economy below.