Bill Pulte, director of the Federal Housing Finance Agency, is reportedly the main force behind the subpoena issued by the Federal Reserve.

According to sources, Bill Pulte, the Director of the Federal Housing Finance Agency, is said to be the main driving force behind the Trump administration's decision to subpoena the Federal Reserve. As Trump prepares to select a new chairperson, this move has increased pressure on the Federal Reserve. Some sources indicate that some of Trump's allies are concerned about this action, fearing that legal action against Federal Reserve Chairman Jerome Powell could disrupt the bond market. They are also worried that this could hinder Powell from leaving the Federal Reserve after his term as chair expires in May. Powell can continue to serve as a member of the Federal Reserve Board until 2028, but he has not indicated whether he will step down as is customary. Due to discussions of internal government matters, sources have requested anonymity. The FHFA has typically operated in a low-key and steady manner, but the current Director in this administration has been outspoken, actively promoting controversial housing policies and investigating Trump's political enemies for alleged mortgage fraud. Pulte has already submitted criminal referral recommendations against Federal Reserve Board member Lisa Cook to the Department of Justice, and the Supreme Court will hear the Cook case later this month.