By Isabella Torregiani
4:18pm PDT, Jul 3, 2025
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Federal Reserve Chair
Jerome Powell found himself in hot water this week as top officials from Fannie Mae and Freddie Mac accused him of giving "deceptive" testimony that they say should cost him his job. Powell testified before Congress to explain why the restoration of the D.C. headquarters ended up costing $2.5 billion — a figure they claim is excessive.
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In a leaked statement, Federal Housing Finance Agency Director
William Pulte called on lawmakers to investigate Jerome Powell and urged President
Donald Trump to fire him. "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',"
the document said. "Jerome Powell's $2.5B Building Renovation Scandal stinks to high heaven, and he lied when asked about the specifics before Congress. This is nothing short of malfeasance."
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President Donald Trump — who has long clashed with Jerome Powell, even giving him the nickname "Too Late Powell" due to his slow response in cutting interest rates — called out the Fed Chair on Truth Social, writing, "'Too Late' should resign immediately!!!" Powell recently faced intense criticism and even received a handwritten letter from the president urging him to cut interest rates.
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The call for an investigation follows Jerome Powell's recent Congressional hearing, during which he denied that the renovations were excessive or comparable to the "Palace of Versailles," as Sen. Tim Scott previously claimed. "There's no VIP dining room, there's no new marble. There are no special elevators," Powell said on Wednesday, July 2. "There are no new water features. There's no beehives, and there's no roof terrace gardens." He also seemingly dismissed concerns that American taxpayers were footing the bill, stating simply, "The cost overruns are what they are." The project's cost has skyrocketed by 30%, rising from the original $1.9 billion estimate to $2.5 billion.
