President Donald Trump has called for the immediate resignation of Federal Reserve Chairman Jerome Powell, with Trump accusing Powell of perjury before Congress over a controversial $2.5 billion renovation of the Federal Reserve’s Washington, D.C., headquarters.
Trump’s demand, amplified by claims of a “modern Versailles” funded secretly by taxpayers, has ignited a firestorm, with allegations of corruption and deception at the heart of the nation’s financial system.
The controversy stems from a July statement by Federal Housing Finance Agency (FHFA) Director Bill Pulte, who urged Congress to investigate Powell for “deceptive Senate testimony” about the headquarters project.
Pulte, a vocal critic of Powell, alleged that the Fed chair lied to lawmakers during a Senate Banking Committee hearing in June denying lavish features like rooftop gardens, private elevators, and marble-clad dining halls.
Pulte cited leaked blueprints and internal documents, claiming the $2.5 billion project—described as a “necessary update” by the Fed—was an opulent betrayal of public trust.
Senator Cynthia Lummis (R-Wyo.) echoed Pulte, accusing Powell of “factually inaccurate statements” about the project’s amenities.
Trump seized on Pulte’s allegations, saying “‘Too Late’ should resign immediately!!!”
The president said the scandal was evidence of a “financial Deep State,” accusing Powell and the Fed of prioritizing luxury over Americans struggling with inflation and economic hardship. “
Jerome Powell’s $2.5B Building Renovation Scandal stinks to high heaven, and he lied when asked about the specifics before Congress,” Pulte said, adding that he should be removed.
Lying to Congress is a federal crime carrying a five-year prison sentence.
