Bill Pulte Seen as Key Instigator Behind Powell Subpoena

Federal Housing Finance Agency Director Bill Pulte was a driving force behind the Trump administration’s decision to subpoena the Federal Reserve, according to people familiar with the matter, intensifying pressure on the central bank as President Donald Trump prepares to pick a new Fed chief.

Some of Trump’s allies were alarmed by the move, fearing a legal fight aimed at Fed Chair Jerome Powell will upset the bond market, some of the people said, requesting anonymity to discuss private talks within the administration. They are also concerned it will discourage Powell from leaving the Fed once his chairmanship ends in May. Powell can remain on as a Fed governor until 2028 and hasn’t yet said whether he intends to leave as is tradition.