FHFA Chair Pulte Urges Congress to Investigate Fed Chair Powell Over $2.5B Renovation Testimony

William J. Pulte, director of the Federal Housing Finance Agency and chairman of Fannie Mae and Freddie Mac, has called on Congress to investigate Federal Reserve Chairman Jerome Powell over alleged political bias and deceptive testimony concerning a $2.5 billion renovation of the Fed's Washington, D.C. headquarters. Pulte accused Powell of providing factually inaccurate statements to the Senate about lavish features included in the renovation, such as private dining rooms, skylights, water features, and a roof terrace, which Powell denied despite planning documents confirming these elements. The renovation cost has surged 30% above initial estimates, drawing criticism amid the Fed's significant financial losses, and has been labeled extravagant by officials including Senator Tim Scott. Powell acknowledged cost overruns but dismissed concerns about lavish upgrades, stating that many reported features were not part of the current plan. This call for investigation aligns with President Trump's earlier criticisms of Powell, including frustrations over delayed interest rate cuts, with Pulte suggesting that Powell's actions may constitute malfeasance worthy of removal for cause. Powell has not responded publicly to the investigation request as of now.