Why Trump’s housing chief is targeting the Fed: The Bill Pulte vs. Jerome Powell showdown explained

Why Trump’s housing chief is targeting the Fed

At a recent closed-door meeting with House Republicans, President Donald Trump reportedly waved a draft letter calling for the dismissal of Federal Reserve Chair Jerome H. Powell. While the gesture was startling, what raised more eyebrows was that the letter was written not by Trump’s economic advisers—but by Bill Pulte, the head of the Federal Housing Finance Agency (FHFA). Pulte has become one of Powell’s most outspoken critics, regularly accusing the Fed chair of harming the housing market and mismanaging a multibillion-dollar renovation of the Fed’s headquarters, the New York Times reported.

A megaphone and a mission

Pulte, 37, is no stranger to the spotlight. The grandson of the founder of PulteGroup, one of the largest homebuilders in America, he never held a major role in the company but cultivated a strong online persona. With over three million followers on X (formerly Twitter), he mixes housing commentary, philanthropy, and political posturing. His public attacks on Powell—whom he accuses of conducting “economic warfare” against America—have surged in recent weeks and are often timed to echo Trump’s criticism of interest rate policy.

Power grabs and political ambition

Since his appointment by Trump, Pulte has taken bold steps at the FHFA. He removed board members at mortgage giants Fannie Mae and Freddie Mac and installed himself as chairman of both boards. He also threatened mass layoffs—though those threats were later scaled back. Despite these moves, critics say Pulte has offered no clear plan to fix the national housing shortage, estimated by analysts to exceed two million homes. Democratic lawmakers, including Senator Elizabeth Warren, have accused him of using his office for political theatre instead of meaningful reform.

Renovation scandal and conflict allegations

Central to Pulte’s campaign against Powell is a $2.5 billion Fed building renovation that he claims is riddled with fraud. He has used FHFA letterhead to issue press releases and unverified statements suggesting Powell may resign. Critics argue his personal financial ties to real estate—he remains a managing member of the Pulte Family Office investment firm—create a clear conflict of interest in pushing for lower rates. Watchdogs warn his influence over Trump and his role in shaping Fed policy could serve his private interests as much as public ones.

Trump support fuels Pulte’s rise

Despite criticism, Pulte’s influence within Trump’s circle appears to be growing. The president recently praised him on Truth Social, writing in all caps: “WILLIAM, DON’T LET THE RADICAL LEFT WEAKLINGS STOP YOU!” Pulte reposted the message multiple times and issued a press release on the FHFA website celebrating the endorsement. Meanwhile, Powell remains under pressure as Trump and Pulte continue their dual-track campaign to discredit him—both in public appearances and online, where Pulte’s commentary has taken on a tone reminiscent of Trump’s own social media tactics.

Lack of a clear housing plan

Policy experts and former regulators say that while Pulte has dominated headlines, he has not articulated a clear vision for America’s housing crisis. “What is his philosophy?” asked Laurie Goodman of the Urban Institute. Though positioned to address housing affordability, mortgage access, and market shortages, Pulte’s tenure so far has focused more on attacking the Fed than proposing solutions. Whether his efforts result in real change—or simply more political drama—remains to be seen.