Former President Donald Trump has called for the immediate resignation of Fed Chair Jerome Powell, following accusations from Federal Housing Finance Agency Director Bill Pulte that Powell misled Congress during recent testimony. Pulte alleges Powell lied about the scope of the Federal Reserve’s $2.5 billion headquarters renovation, calling his statements “deceptive” and grounds for removal. Trump echoed the sentiment on Truth Social, labeling Powell “Too Late” and calling his testimony “malfeasance.”

Pulte also claimed Powell’s high interest rate policy is damaging the housing market and accused him of “political bias.” Powell, in Senate testimony, stated that extravagant renovation plans had been dropped and insisted the current work was necessary maintenance.

Trump, a longtime critic of Powell, escalated attacks in April, blasting him for failing to lower interest rates and comparing the Fed unfavorably to the European Central Bank. Powell, originally appointed by Trump in 2018 and reappointed by President Biden, has said he intends to serve his term through May 2026. He maintains that the law does not permit the president to fire the Fed chair.