President Trump has intensified his long-running standoff with Federal Reserve Chairman Jerome Powell, demanding his immediate resignation following explosive allegations of deception before Congress.

According to Fox Business, Trump’s sharp rebuke came after the head of the Federal Housing Finance Agency (FHFA) called for Powell to be investigated for misleading testimony regarding the Fed’s multi-billion-dollar building renovations.

Trump’s frustration with Powell is no secret. For months, he has accused the chairman of harming the U.S. economy by keeping interest rates unnecessarily high, saying it’s costing Americans hundreds of billions of dollars.

Trump Calls Powell 'Too Late' In Fiery Letter

The latest spark was lit Monday when Trump sent Powell a blunt letter, read aloud by White House press secretary Karoline Leavitt. Trump scolded the Fed chair for dragging his feet and again demanded a substantial rate cut, insisting inflation is under control and the delay is bleeding the country dry.

Trump didn’t stop there. On Wednesday, he reposted a Bloomberg article on Truth Social highlighting the FHFA director’s demand for an investigation into Powell. Trump added his own flair: “Too Late should resign immediately!!!”

This move followed FHFA Director Bill Pulte’s statement calling on Congress to probe Powell for deceptive testimony. Pulte alleged Powell gave factually incorrect answers under oath regarding lavish expenditures at the Fed’s D.C. headquarters.

Powell's Testimony Sparks Outrage Over Fed Spending

During his Senate Banking Committee appearance, Powell dismissed concerns over a $2.5 billion renovation project. He seemed to downplay the scope and extravagance, but that didn’t sit well with lawmakers or watchdogs.

Pulte referenced Sen. Cynthia Lummis, R-Wyo., who reportedly accused Powell of misrepresenting facts about the project's private dining areas, scenic terraces, and other luxury features.

Calling the scandal “malfeasance,” Pulte wrote that Powell’s misleading answers “stink to high heaven” and clearly meet the standard for removal “for cause.” He urged Congress to act swiftly and decisively.

House Republicans Signal Possible Oversight Action

While Congress hasn’t taken formal steps yet, House Judiciary Chairman Jim Jordan, R-Ohio, weighed in, telling Bloomberg that nothing is off the table when it comes to investigating federal leadership.

Jordan emphasized the importance of constitutional oversight, noting his committee monitors both the executive and judicial branches. He left the door open, stating, “We’ll take a look at that.”

This leaves Powell’s fate in limbo, as the House gauges the political will for an inquiry that could mark a historic intervention into Fed governance.

Fed Remains Silent Amid Escalating Clash

In response to the mounting calls for resignation and investigation, the Federal Reserve remained mum. A spokesperson declined to comment when approached.

That silence may be strategic, but it also adds fuel to critics who see Powell as unaccountable and out of touch. The central bank, tasked with managing monetary policy, now finds itself at the center of a political firestorm.

Trump’s move signals he’s prepared to bring the Fed fight directly into the public arena, framing Powell’s actions not just as misguided, but potentially dishonest and harmful to the country. With billions on the line and economic leadership under scrutiny, this confrontation may force Washington to reassess not just Powell’s role, but how much unchecked power the Federal Reserve should hold.