Trump Allies Turn Up Heat on Fed Chair Jerome Powell Over $2.5B HQ Project [WATCH]

William Pulte, Chairman of the Board overseeing Fannie Mae and Freddie Mac, expressed support this week for reports that Federal Reserve Chairman Jerome Powell is considering stepping down from his post.

Pulte’s comments come amid continued pressure from President Donald Trump, who has repeatedly criticized Powell’s handling of interest rates and monetary policy.

In a press release issued by U.S. Federal Housing, Pulte said, “I’m encouraged by reports that Jerome Powell is considering resigning. I think this will be the right decision for America, and the economy will boom.”

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Pulte’s statement follows a recent call by President Trump for a federal probe into Powell’s role in a $2.5 billion renovation project at the Federal Reserve’s Washington, D.C. headquarters.

.@WHOMB Director @russvought on the Fed’s $2.5 billion HQ renovations: “If you look at the actual Palace of Versailles — if you were to update those figures in modern numbers, it would be about $3 billion … This is approaching that level.” pic.twitter.com/wSbDae5caI

— Rapid Response 47 (@RapidResponse47) July 11, 2025

The push for an investigation was initiated after Powell’s testimony before the Senate Banking Committee last month, during which lawmakers raised concerns about spending and transparency.

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Pulte publicly called for an inquiry shortly after the testimony, according to reporting by the New York Post.

How soon will Powell resign? pic.twitter.com/RDQXcGF5t3

— Pulte (@pulte) July 11, 2025

Despite his criticism of Powell’s leadership, President Trump has stated that he does not currently plan to remove the Federal Reserve chairman from his position.

However, he has made clear his dissatisfaction with Powell’s resistance to more aggressive interest rate cuts.

“I think he’s doing a terrible job. I think we should be 3 points lower, interest rates. He’s costing our country a lot of money,” President Trump said in remarks to reporters prior to departing for Texas alongside First Lady Melania Trump.

.@POTUS on Jerome Powell: “I think he’s doing a terrible job. I think we should be 3 points lower… He’s costing our country a lot of money.” pic.twitter.com/BBuCvq0c5v

— Rapid Response 47 (@RapidResponse47) July 11, 2025

President Trump has used multiple public forums, including his Truth Social platform, to press Powell to cut interest rates further.

In a post from April, Trump wrote, “This would be a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates. He is always ‘late,’ but he could now change his image, and quickly.”

“Energy prices are down, Interest Rates are down, Inflation is down, even Eggs are down 69%, and Jobs are UP, all within two months – A BIG WIN for America. CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!” the post continued.

This would be a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates. He is always “late,” but he could now change his image, and quickly. Energy prices are down, Interest Rates are down, Inflation is down, even Eggs are down 69%, and Jobs are UP, all within two…

— Commentary Donald J. Trump Posts From Truth Social (@TrumpDailyPosts) April 4, 2025

Trump’s administration has emphasized its goal of fostering economic growth through looser monetary policy, arguing that current rates remain too restrictive despite signs of easing inflation and strong job numbers.

The Federal Reserve has maintained a cautious approach amid concerns over long-term inflation stability, but Trump and his allies argue that further rate reductions are both necessary and overdue.

Powell, who was first appointed as Federal Reserve chairman in 2018, has served through varying economic conditions and two administrations.

While the Fed is an independent institution, Powell’s policy direction has drawn significant political scrutiny in recent years, particularly from conservative lawmakers and economic advisers aligned with the Trump administration.

No official statement has been made by Powell regarding any intent to resign.

The Federal Reserve has not commented on the reports referenced by Pulte, and Powell has continued to carry out his duties as scheduled, including recent briefings on monetary policy and economic projections.

The White House has not issued any additional remarks beyond President Trump’s previous comments.

The matter remains under review as the Federal Reserve continues its regular meeting cycle throughout the summer.