In the course of President Donald Trump's political offensive, Bill Pulte, the Federal Housing Finance Agency (FHFA) Administrator, has emerged as a key figure drawing attention. The head of a dwellings finance regulatory agency typically focuses on policy implementation and oversight, but Pulte has recently risen as a key figure in judicial and political pressure targeting Trump's main rivals, including Federal Reserve Chair Jerome Powell.
According to Axios on the 12th (local time), federal prosecutors are now investigating Federal Reserve Chair Jerome Powell over a multibillion-dollar remodeling project at the Fed's headquarters. Powell issued an unusually public statement saying the Ministry of Justice has issued a grand jury subpoena to the Fed and that the possibility of criminal charges has been raised in connection with his testimony at a Senate hearing in Jun. last year. In this process, Administrator Pulte has led the pressure on Powell for months.
Administrator Pulte argued that a congressional investigation is needed, citing Powell's political bias and his testimony to Congress. Pulte claimed Powell "lied before Congress" regarding the Fed remodeling project, and emphasized that this "meets the grounds for removal for cause." Pulte was also the figure who publicly backed President Trump's call for interest rate cuts while criticizing Powell's monetary policy.
On the 9th, when Powell said he had received a subpoena, Pulte told reporters in front of the White House, "Powell needs to be removed. He's a disaster." Pulte argued that the Fed remodeling controversy has damaged trust in the Central Bank.
Administrator Pulte's offensive was not limited to the Fed. He filed criminal complaints with the Ministry of Justice alleging mortgage loan fraud against New York Attorney General Letitia James, Sen. Adam Schiff, Rep. Eric Swalwell, and Fed Governor Cook. All denied the allegations. Rep. Swalwell sued, saying Administrator Pulte abused his office to fabricate outrageous charges. The Government Accountability Office (GAO) also launched a probe into Administrator Pulte's complaints at the request of Senate Democrats.
Before President Trump appointed him FHFA Administrator, Pulte was a private equity chief executive officer (CEO). In 2011, he founded the private equity firm "Pulte Capital Partners," which targets investments in construction materials corporations. He comes from a prominent dwellings industry family; his grandfather, William Pulte, founded PulteGroup, a major U.S. dwellings builder.
Administrator Pulte now oversees Fannie Mae and Freddie Mac, quasi-public institutions that account for about 70% of the U.S. mortgage loan market. As President Trump has raised the possibility of initial public offerings (IPO) for the two institutions and the purchase of $200 billion (about 270 trillion won) in mortgage-backed securities, Pulte is also being named as a key figure to execute this. Pulte said IPOs remain a strong option.
Despite being a relatively little-known agency head, Pulte has more than 3 million followers on social media X (formerly Twitter) and has openly supported President Trump. Friction within the administration was frequent, however. Political outlets reported that he clashed publicly with the treasury secretary and, by proposing an unprecedented 50-year mortgage loan, sparked concerns about financial stability and distorted home prices.
In U.S. political circles, there is a view that, with President Trump finding it difficult to pressure the Central Bank directly, Administrator Pulte's moves are serving as an indirect means of pressuring the Fed. Analysts also said Pulte's successive remarks and complaints are expanding the controversy around the Fed into the political arena.