Head of agency over Fannie Mae and Freddie Mac calls for Fed Chair Powell to resign

The director of the Federal Housing Finance Agency (FHFA) has been engaging in an online attack since Wednesday against Federal Reserve Chair Jerome Powell, calling for his resignation. 

Director Bill Pulte, who was nominated by President Donald Trump in January and confirmed in March, began his five-year term overseeing Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. 

He has written more than a dozen posts on social media calling for Powell’s resignation, according to The Hill. 

Pulte’s campaign started shortly before the Fed announced Wednesday it would be keeping interest rates unchanged for another month. President Trump has been publicly blasting Powell and the Fed for not cutting interest rates even though the unemployment rate remains close to historic lows.

Trump and Pulte both claim the Fed is hurting the U.S. economy by not lowering the rate. Pulte has pointed to its effect on the housing market by keeping 30-year fixed mortgage rates close to 7 percent.

“As Chairman of Fannie Mae and Freddie Mac, I can tell you that Jay Powell is hurting the housing market by being Too Late to lower rates. He needs to resign, effective immediately,” Pulte wrote Wednesday.

Trump nominated Powell to be the Fed chairman in 2017, and he was confirmed in 2018, succeeding Janet Yellen.

The vote to keep the rates steady was unanimous by all 12 of the Fed officials who voted on that decision.