Bill Pulte has urged Congress to investigate Jerome Powell, citing perceived political bias and inaccurate Senate testimony. Pulte accuses Powell of lying about the $2.5 billion renovation of the Fed's headquarters, specifically denying claims of lavish amenities made by Senator Tim Scott. Following Powell's testimony, Senator Cynthia Lummis claimed Powell's statements contradicted planning documents. The Fed has maintained steady interest rates since December, and both Pulte and President Trump have criticized Powell for not lowering rates, with Trump calling him a 'stupid person' for maintaining rates.
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,' said Bill Pulte.
Following that testimony, Sen. Cynthia Lummis accused Powell of making factually inaccurate statements about the details of the renovation and contradicting planning documents for the project.
There are no VIP dining room, there's no new marble. There are no special elevators, Powell insisted in his testimony.
The Fed has held its key rate steady in a range of 4.25% to 4.5% since December, leaving mortgage rates stuck in a fairly narrow band.
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