Fannie Mae/Freddie Mac chair urges Jerome Powell to resign from Fed

Fannie Mae and Freddy Mac Chairman William Pulte on Friday expressed support for Jerome Powell's resignation as Fed chairman amid reports he was mulling such a move.

"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," he said in an official statement.

His statement comes amid Powell's longstanding disagreements with President Donald Trump, who has repeatedly pressed him to lower interest rates due to low inflation and strong jobs growth.

Interest rates are critical to the housing industry and Pulte's endorsement of his resignation comes as home sellers greatly outnumber home buyers in the U.S. market.

Treasury Secretary Scott Bessent and National Economics Council Director Kevin Hassett have emerged as possible contenders to replace Powell.