The Big Story 

President Trump on Wednesday called for Federal Reserve Chair Jerome Powell to resign after the overseer of Fannie Mae and Freddie Mac called for Congress to investigate Powell over past comments to lawmakers.

© Greg Nash

“‘Too Late’ should resign immediately!!!” Trump posted on Truth Social, using his nickname for Powell.

Trump also linked to an article from Bloomberg News detailing comments from Federal Housing Finance Agency (FHFA) Director Bill Pulte, a Powell critic who accused the Fed chair of lying to lawmakers during testimony before the Senate Banking Committee last week.

Pulte said Powell lied to members of the panel when answering questions about renovations to the Fed’s Washington, D.C., headquarters.

When pressed by senators on the Fed’s alleged $2.5 billion renovation plan, Powell said some of the more fanciful inclusions were part of older plans and have since been scrapped.

Other costs, such as repairing elevators that go directly to board members’ offices and marble fixtures, were basic upkeep of features that have always been in the building, he said.

Pulte, however, accused Powell of deliberately misleading senators with “deceptive” testimony and argued his statements were enough to qualify as adequate cause to fire him.

Brett Samuels has 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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Essential Reads 

Key business and economic news with implications this week and beyond:

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Tax Watch 

What to know about the $6,000 ‘senior deduction’ in GOP megabill

The Senate’s version of the “big, beautiful bill,” passed on Tuesday, includes a $6,000 tax deduction for Americans 65 or older.

The provision does not entirely end taxes on Social Security, but it would zero out the Social Security tax burden for 88 percent of seniors, according to an estimate by President Trump’s Council of Economic Advisers.

That’s up from 64 percent of seniors who are currently exempt from Social Security taxes, meaning about 14 million additional seniors will benefit from the change.  

The version of Trump’s megabill that squeezed through the Senate yesterday would offer a tax deduction of $6,000 to seniors making up to $75,000 individually, or $150,000 on a joint return. The deduction is lowered for incomes above that level, and phased out altogether for seniors with individual incomes of more than $175,000, or $250,000 jointly.

Seniors can currently claim a standard deduction of $15,000 (or $30,000 for couples), plus an additional senior-specific deduction of $2,000 (or $3,600 for couples). The Senate bill would also raise the standard deduction by a few hundred dollars.

Tax Watch is a regular feature focused on the fight over tax reform and extending the 2017 Trump tax cuts this year. Email a tip

The Ticker 

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What Others are Reading 

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What People Think 

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