Federal Housing Finance Agency Director Bill Pulte has played a central role in the Trump administration’s move to subpoena the Federal Reserve, Bloomberg reports, citing people familiar with internal deliberations.
The investigation escalates tensions between the White House and the central bank as President Donald Trump prepares to name the next Fed chair.
The subpoena, which targets Fed Chair Jerome Powell, has unsettled some of Trump’s allies, who privately warn that a legal confrontation with the Fed could rattle bond markets and complicate Powell’s eventual exit.
Powell’s term as chair ends in May, though he could remain on the Fed’s board through 2028 — a decision he has not yet addressed publicly.
Pulte, who has taken an unusually aggressive posture for the head of the FHFA, has pushed a series of hardline initiatives since joining the administration, including investigations into political opponents and senior economic officials.
Pulte previously submitted a criminal referral to the Justice Department involving Fed Governor Lisa Cook, an action that has become central to Trump’s effort to remove her from the Board of Governors. The Supreme Court is expected to take up issues related to Cook’s case later this month.
Administration officials say the Powell subpoena is tied to questions surrounding his congressional testimony on Federal Reserve building renovations.
A senior official stressed that the Justice Department — not Pulte — is formally responsible for the investigation, which is being handled by the U.S. Attorney’s Office for the District of Columbia.
U.S. Attorney Jeanine Pirro approved the inquiry, according to people familiar with the matter.
Attorney General Pam Bondi has instructed U.S. attorneys nationwide to pursue potential cases of taxpayer misuse, one person said.
The move has drawn bipartisan concern on Capitol Hill.
Democrat lawmakers criticized the subpoena as political interference, while Republican Senator Thom Tillis said he would block confirmation of future Fed nominees until the legal dispute is resolved.
Several senior White House aides were caught off guard by the timing of the subpoena, learning of it only after Powell was served late Friday.
Trump, speaking Sunday on NBC News, said he was unaware of the Justice Department’s investigation into the Fed.
Pulte traveled with Trump to Palm Beach that same evening and is a frequent presence at Mar-a-Lago and the president’s nearby golf club. Neither Pulte nor the FHFA responded to requests for comment.
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