The Big Story 

The overseer of Fannie Mae and Freddie Mac is waging an online battle to force out Federal Reserve Chair Jerome Powell, shattering norms along the way.

© The Associated Press

Over the span of 24 hours, Federal Housing Finance Agency (FHFA) Director Bill Pulte has written or shared more than a dozen posts on social media calling for Powell’s resignation and sharing the rationale for doing so.

Along the way, he’s throwing his politically independent agency into a partisan battle.

“I am calling for Federal Reserve Chairman, Jay Powell, to resign,” Pulte wrote in a Thursday post on social platform X, which he pinned to the top of his profile.

In another post in response to The Hill’s reporting, Pulte said he was doing so “[b]ecause he is hurting Americans and hurting the mortgage market, which I am responsible for regulating.”

The campaign against Powell began shortly before the Fed announced Wednesday, as was widely expected, it would keep interest rates unchanged for another month.

President Trump has raged against Powell and the Fed for not cutting interest rates by levels only seen during economic crises, even though the unemployment rate remains close to historic lows.

I’ve got more here.

Welcome to The Hill’s Business & Economy newsletter, I’m Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.

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