Federal Housing Finance Administration (FHFA) Director, Bill Pulte, has urged Congress to initiate an immediate probe into Federal Reserve Chair, Jerome Powell, following allegations of dishonesty during his testimony to the Senate Banking Committee last week.
During the hearing, Powell faced calls for his resignation and sparked controversy by asserting that the extravagant $2.5 billion refurbishment of the central bank's Washington headquarters would not encompass any lavish new facilities. "There's no VIP dining room, there's no new marble. There are no special elevators," he declared to the committee. "There are no new water features, there's no beehives, and there's no roof terrace gardens."
However, according to RedState, the New York Post has reported that Powell's claims were starkly contradicted by the project's own planning documents. These documents reportedly reveal plans to refurbish private dining rooms and introduce "vegetated roof terraces."
In an official statement released through the FHFA, Pulte demanded an investigation into Powell's comments, as well as his political biases that allegedly contributed to the inflation surge under President Joe Biden's administration and subsequently attempted to dampen a revitalized economy under President Trump's leadership.
I am asking Congress to investigate Chairman Jerome Powell, his political bias, and his deceptive Senate testimony, which is enough to be removed for cause," Pulte stated. He further added, "Jerome Powells $2.5B in capitalizations of Building Renovation Scandal stinks to high heaven, and he lied when asked about the specifics before Congress. This is nothing short of malfeasance and is worthy of for cause.'
Pulte's comments echo those made by Sen. Cynthia Lummis (R-WY), a majority member of the Senate Banking Committee, who suggested that Powell should "be embarrassed" by his testimony. He made a number of factually inaccurate statements to the Committee regarding the Feds plush private dining room and elevator, skylights, water features, and roof terrace, she told The Post. This is typical of the mismanagement and dont bother me attitude that Chair Powell has always shown.
Pulte agreed, asserting, "Chairman Powell needs to be investigated by Congress immediately.
During the same hearing, Sen. Bernie Moreno (R-OH) demanded Powell's resignation after exposing his apparent political biases. The Ohio congressman highlighted several political actions taken by Biden during his single term in the White House, which the Fed chief remained silent on, but noted he has repeatedly publicly criticized Trump's tariffs.
Earlier this week, President Trump criticized Powell over his refusal to cut interest rates and expressed hope that Congress "really works this very dumb, hardheaded person, over." He added, "We will be paying for his incompetence for many years to come."
Despite Powells term as Chair set to expire in May 2026, Pulte's statements indicate that Republicans are keen to see him removed well before that date. This reflects the conservative perspective that values limited government and individual freedom, with a critical view of perceived mismanagement and political bias within key institutions.
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