William Pulte, the director of the U.S. Federal Housing and chairman of Fannie Mae and Freddie Mac, is calling for the removal of Jerome Powell, the chairman of the Federal Reserve.

On Wednesday, Pulte issued a statement urging Congress to investigate Powell for allegedly misleading lawmakers about renovations to the Federal Reserve’s headquarters in Washington, D.C.

“I am asking Congress to look into Chairman Jerome Powell’s political bias and his misleading testimony before the Senate,” Pulte stated. “The $2.5 billion building renovation scandal raises serious questions, and he was not truthful when discussing the specifics. This is a clear case of malfeasance deserving of removal.”

During a Senate Banking Committee hearing, Powell denied claims that the Federal Reserve spent billions to transform the headquarters into what Sen. Tim Scott, R-S.C., referred to as the “Palace of Versailles.”

“There’s no VIP dining room, no new marble, no special elevators,” Powell asserted. “There are no new water features, beehives, or rooftop gardens.”

According to the New York Post, the renovation costs have surged by 30% from an initial estimate of $1.9 billion.

Pulte had previously called for Powell’s resignation during an appearance on Newsmax, following the board’s decision not to lower interest rates.

“Throughout the COVID-19 pandemic, we faced skyrocketing mortgage rates and inflation,” Pulte told “Rob Schmitt Tonight.” “It’s time for Jerome Powell to step down. I believe President Trump has been too lenient with him. We need someone who understands the housing market and the importance of sound monetary policy—someone who is looking at the facts. Rates need to come down.”

Powell’s four-year term is set to end next May.

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