Bill Pulte, who heads the Federal Housing Finance Agency, is asking Congress to investigate Federal Reserve Chairman Jerome Powell, alleging that his recent testimony to the Senate about the central bank's plans to renovate its headquarters was "deceptive."

"I am asking Congress to investigate Chairman Jerome Powell, his political bias, and his deceptive testimony in the Senate, which was enough to be removed 'for some reason,'" Pulte said Wednesday in a post on the social media platform X, alleging that Powell made inaccurate statements without providing evidence.

Pulte has stepped up his criticism of Powell, urging him to resign in a separate X post. As head of the top housing regulator, Pulte has also pushed Powell to lower interest rates, saying that people are being hurt by high borrowing costs.

President Donald Trump has also attacked Powell for keeping interest rates high. The president said last month that he would pick Powell's successor who wants to cut borrowing costs.

Trump Says He Would Pick Fed Chair Who Wants to Cut Rates A Fed spokesman declined to comment. The Supreme Court recently protected the Fed from Trump's push to remove the top official at the independent federal agency, in a decision likely to ease concerns that the president might fire Powell. Trump sent conflicting signals earlier this year, posting on April 17 that "Firing Powell won't come soon enough!" before saying on April 22 that he had "no intention of firing him." (alg)

Source: Bloomberg