Fed nominee grilled over Trump ties; Fannie, Freddie IPO plan pushed 

President Donald Trump signed a bipartisan trigger leads ban into law on Sept. 5, delivering what one mortgage expert described as "a major victory" for borrowers.

Also this week in Washington, D.C., Trump's nominee to fill an open seat on the Federal Reserve's Board of Governors was questioned about his ability to escape White House influence if confirmed by the Senate.

In other Fed news, the Department of Justice (DOJ) is reportedly investigating allegations that Fed Governor Lisa Cook may have committed mortgage fraud. Cook, who has not been charged with or convicted of any crime, is now suing Trump for his attempt to fire her.

Meanwhile, the administration has walked back its reported timeline for taking Fannie Mae and Freddie Mac public, and several housing groups are urging Congress to take swift action on the ROAD to Housing Act.

Trump signs trigger lead ban

On Sept. 5, Trump signed the Homebuyers Privacy Protection Act of 2025 into law, a bipartisan bill that will block credit bureaus from selling consumer data to third parties when it takes effect in March.

At an Oval Office signing ceremony, Rep. John Rose of Tennessee said that by banning so-called trigger leads, "when Americans try to realize the American dream of owning a home, they're able to do so without being harassed."

"For years, their private personal information has been bought and sold in the open market, resulting in them getting innumerable phone calls and text messages," Rose told Trump. "But with your signature today, we're going to put an end to that."

Mortgage Bankers Association President and CEO Bob Broeksmit applauded the bill's signing in a statement that described the legislation as "a major victory for mortgage borrowers."

Fed nominee questioned over White House ties

Last month, Trump nominated Stephen Miran to replace Adriana Kugler on the Fed's Board of Governors after Kugler's abrupt resignation. Miran appeared before a Senate committee on Sept. 4, with the Fed's independence — and Trump's interest in gaining a majority on its board — key to many of the questions raised by Senate Democrats.

Miran, who currently serves as chairman of the White House's Council of Economic Advisers, said in his opening remarks that "independence of monetary policy is a critical element for its success" and that, if confirmed, he intends to "preserve that independence and serve the American people to the best of my ability."

But Miran doesn't plan to resign from his current role, and instead says he'll take an unpaid leave of absence while he completes Kugler's term, which will end in January 2026.

Sen. Jack Reed of Rhode Island called the plan "absolutely ridiculous," alleging in a social media post that Trump "wants a WH employee to serve as a mole on the Fed Board of Governors to advance his interests at the expense" of American citizens.

If Miran's nomination moves forward quickly and he is confirmed in a full Senate vote, he could take his place at the Fed in time for its September meeting.

DOJ reportedly investigating Fed governor

A few weeks after Federal Housing Finance Agency (FHFA) Director Bill Pulte sent a criminal referral alleging that Cook may have committed mortgage fraud, the DOJ has begun investigating the matter, according to media reports.

While Trump said on Aug. 25 that he was firing Cook, her attorney said "no cause exists" for her termination and refuted the allegations in a Sept. 2 court filing. Cook sued Trump on Aug. 28 to keep her position and has requested a preliminary injunction.

Many economists have voiced support for Cook, with over 600 signing an open letter that said "No Governor should be removed absent a clear, documented 'for cause' basis," according to CNBC. Cook's future at the Fed remains uncertain.

Cloudy timeline for Fannie, Freddie IPO launch

The Trump administration may not be moving as quickly to take Fannie Mae and Freddie Mac public as was previously reported.

Unnamed sources told The Wall Street Journal last month that the government-sponsored enterprises (GSEs) could go public before the end of the year. But on Sept. 2, Pulte said the administration is "in no rush" to make the change.

"The president holds all the cards," Pulte told Fox Business. "He'll decide what to do and when to do it."

The government will aim to sell about 5% of the GSEs if they do go public, Pulte said. He estimated their value now is between $500 billion and $700 billion, which would make the public offering the "largest IPO in history."

28 groups push for action on key housing bill

The National Housing Conference (NHC) is urging congressional action on the ROAD to Housing Act, a piece of legislation the NHC said "represents one of the most impactful housing proposals in over a decade."

In a Sept. 2 letter signed by more than two dozen housing groups, the NHC praised the bipartisan nature of the bill, noting that it garnered widespread support when it passed out of committee in July. The letter to Senate leadership further noted that the bill's recent link to the National Defense Authorization Act of 2026 as a proposed amendment "presents an expedient opportunity for advancing this important legislation."

"I urge you to move the ROAD to Housing Act to the Senate floor for consideration and recommend doing so through the NDAA given the urgency and broad bipartisan support for this legislation," it added.