US Director of Federal Housing, William Pulte, has said that Jerome Powell is considering resigning.
President Trump’s public criticisms of Federal Reserve Chair Jerome Powell have become so routine that Wall Street barely flinches anymore. But behind the scenes, his team is stepping up the pressure in ways that suggest markets may want to start paying closer attention.
Trump’s advisers are now engaged in a deliberate and wide-ranging campaign to tighten the screws on Powell—both through pointed public statements and calculated bureaucratic maneuvers. According to insiders, the goal isn’t to oust Powell outright, at least not yet. But it’s the strongest move so far to bring that threat into focus.
The push marks a major escalation in the administration’s efforts to undermine the Fed’s independence. Just weeks ago, Trump openly admitted his attempts to sway Powell had gone nowhere. “I call him every name in the book,” he said. “I’m nasty, I’m nice. Nothing works.”
But now, his team is signaling they’re far from finished.
Turning up the heat
The latest offensive took shape Thursday, following a familiar playbook but with sharper edges. The Trump administration has long championed an expansive view of presidential power, and now they’re deploying that mindset directly against the Fed.
Russell Vought, head of the Office of Management and Budget, fired the first shot with a letter to Powell—posted publicly online—accusing the Fed of potentially skirting legal requirements tied to its planned headquarters renovation. Vought’s challenge centered on Powell’s recent congressional testimony and its possible violation of the National Capital Planning Act, which requires major federal building projects to be reviewed and approved.
While Vought couched the letter as a request for transparency, it’s widely viewed as part of a larger strategy to publicly question Powell’s judgment and leadership.
“This is about accountability,” Vought told reporters Friday. “The president is a builder—he’s offended by runaway costs and sloppy planning.”
The move fits into a broader effort by Trump’s inner circle to box Powell in politically and publicly, especially as the Fed continues to resist calls to slash interest rates. Trump’s frustrations have only grown as rate cuts remain elusive, despite his repeated pressure and public browbeating.
Though Powell’s job may not be in immediate jeopardy, the administration’s tactics suggest it’s no longer just about nudging policy—it’s about reshaping the very idea of central bank independence.
