Powell was nominated by Trump to lead the Federal Reserve during his first term in 2018 for a period of four years. (File Photo)US President Donald Trump reiterated his call on Wednesday for Federal Reserve Chair Jerome Powell to resign, saying the head of America’s central bank should do it immediately. This comes after Bill Pulte, who heads the Federal Housing Finance Agency, called the Congress to investigate Powell alleging that his recent testimony to the US Senate regarding planned renovation of Federal Reserve’s headquarters was “deceptive”.Powell was nominated by Trump to lead the Federal Reserve during his first term in 2018 for a period of four years. Joe Biden, who succeeded Trump as the president, nominated Powell for a second term. His tenure as the Fed Chair is scheduled to end in May 2026.In a Truth Social post quoting a Bloomberg article on Bill Pulte’s allegations, Trump wrote “‘Too Late’ should resign immediately!!!” Pulte has alleged that Powell lied to the Senate Banking Committee last week when he was answering questions about renovations to the Fed’s Washington, D.C. headquarters.In a post on X on Wednesday, Pulte called for a Congressional investigation and wrote “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.’”U.S. Federal Housing and the Fannie Mae and Freddie Mac Chairman Calls on Congress to Investigate Jerome Powell pic.twitter.com/E6P9MobJOa— Pulte (@pulte) July 2, 2025Trump has been repeatedly demanding the resignation of Powell and has intensified his pressure campaign, criticising the bank’s position to keep the rates steady. Last month, Trump said that he would choose a successor for the Federal Reserve who wants to cut borrowing costs.In his defence, Powell disputed a few aspects of the report calling them “misleading and inaccurate in many, many respects.” “All the sort of inflammatory things that the media carried are either not in the current plan or just inaccurate,” he said.Trump has been rallying against Powell, while nicknaming him “Too Late” to mock him for not lowering the interest rates.Stay updated with the latest - Click here to follow us on Instagram© IE Online Media Services Pvt LtdTags:Jerome PowellUS federal reserve