William J. Pulte, who serves as director of U.S. Federal Housing and chairs both Fannie Mae (OTC:FNMA) and Freddie Mac (OTC:FMCC), urged Congress on Wednesday to launch an investigation into Federal Reserve Chairman Jerome Powell.
In his statement, Pulte accused Powell of “political bias” and providing “deceptive Senate testimony” about what he referred to as a “$2.5B Building Renovation Scandal.”
“This is nothing short of malfeasance and is worthy of ’for cause,’” Pulte declared, implying there could be grounds to remove Powell from his role.
Pulte, who was appointed under President Donald Trump, pointed to Senator Cynthia Lummis’s remarks that Powell “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.”
Lummis argued this demonstrated the “mismanagement and ’don’t bother me’ attitude that Chair Powell has always shown.”
In the past, Pulte has joined Trump in pushing for lower interest rates.
