Federal Housing Finance Administration (FHFA) Director Bill Pulte is calling on Congress to launch an immediate investigation into Federal Reserve Chair Jerome Powell after he was accused of lying to the Senate Banking Committee last week.
Powell, aside from being hit with calls for his resignation during a hearing last Wednesday, raised eyebrows by insisting that a bloated $2.5 billion renovation of the central bank’s Washington headquarters would not include outrageous new amenities.
“There’s no VIP dining room, there’s no new marble. There are no special elevators,” he told the panel. “There are no new water features, there’s no beehives, and there’s no roof terrace gardens.”
The New York Post, however, reports that Powell's statements were "directly contradicted [by] the project’s own planning documents," which show plans to restore private dining rooms and add “vegetated roof terraces."
Pulte, in an official statement through the FHFA, called for an investigation into Powell's remarks, as well as his politicial biases that helped surge inflation rates under President Joe Biden and subsequently attempted to cool a revitalized economy under President Trump.
READ MORE: Sen Bernie Moreno Exposes Fed Chair Jerome Powell As a Hypocrite: ‘Should Resign’
Fed Chair Ignores Trump's Blistering Criticisms, Goes His Own Way on Interest Rates
“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 said.
"Jerome Powell’s $2.5B in capitalizations of Building Renovation Scandal stinks to high heaven, and he lied when asked about the specifics before Congress," the Director added. "This is nothing short of malfeasance and is worthy of ‘for cause.'”
Pulte's statements reference comments made by Sen. Cynthia Lummis (R-WY), a majority member of the Senate Banking Committee, who said Powell should "be embarrassed" by his testimony.
“He made a number of factually inaccurate statements to the Committee regarding the Fed’s plush private dining room and elevator, skylights, water features, and roof terrace,” she told The Post. “This is typical of the mismanagement and ‘don’t bother me’ attitude that Chair Powell has always shown.”
Pulte concurred, demanding, "Chairman Powell needs to be investigated by Congress immediately.”
Sen. Bernie Moreno (R-OH) called for Powell to resign after exposing his obvious political biases during the same hearing. The Ohio congressman pointed to several political actions taken by Biden during his lone term in the White House, on which the Fed chief remained silent, but noted he has repeatedly publicly criticized Trump's tariffs.
President Trump earlier this week hammered Powell over his refusal to cut interest rates and expressed hope that Congress "really works this very dumb, hardheaded person, over."
"We will be paying for his incompetence for many years to come."
Powell’s term as Chair is set to expire in May 2026, but Pulte's statements show Republicans would like to see him removed well before that date.
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