Fannie Mae Chairman and Director of the Federal Housing Finance Agency Bill Pulte released a statement calling on Congress to investigate Powell. Pulte suggested that Powell should vacate his role at the Fed because of multibillion-dollar plans to renovate the Federal Reserve building and comments to Congress regarding the upgrades.

The president has been angry with Powell over the U.S. central bank's hesitance to succumb to his demand for lowering interest rates.

President Donald Trump on Wednesday called for Federal Reserve Chair Jerome Powell to step down after the head of Fannie Mae and Freddie Mac demanded Congress launch an investigation into Powell’s recent testimony to lawmakers. “‘Too Late’ should resign immediately!!!” Trump wrote on Truth Social, using his nickname for Powell.