“I’m encouraged by reports that Jerome Powell is considering resigning. I think this will be the right decision for America, and the economy will boom.”
The Chairman of the Board of Fannie Mae and Freddie Mac, William Pulte, has said that he is "encouraged by reports that Jerome Powell is considering resigning." This comes as there has been pressure from the Trump administration for Powell to step down from his position.
In a press release from US Federal Housing, William Pulte said, "I’m encouraged by reports that Jerome Powell is considering resigning. I think this will be the right decision for America, and the economy will boom.”
This comes after Trump called for a probe into Powell over a $2.5 billion upgrade to the Federal Reserve's headquarters. The support from Trump for the probe comes after Pulte called for an investigation into Powell's testimony last month in front of the Senate Banking Committee, per the New York Post.
Despite the pressure Trump has put on Powell, he has said that he does not plan on firing the chair of the central bank. “I think he’s doing a terrible job. I think we should be 3 points lower, interest rates. He’s costing our country a lot of money," Trump added in a statement to reporters before he left to head to Texas with the first lady.
Trump has repeatedly called on Powell to cut the interest rates, which would allow for a greater money supply in the economy. In April, Trump wrote on Truth Social, "This would be a PERFECT time for Fed Chairman Jerome Powell to cut Interest Rates. He is always “late,” but he could now change his image, and quickly."
"Energy prices are down, Interest Rates are down, Inflation is down, even Eggs are down 69%, and Jobs are UP, all within two months - A BIG WIN for America. CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!" Trump added at the time.
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