(Bloomberg) — President Donald Trump appointed Bill Pulte, the head of the Federal Housing Finance Agency, as the acting director of National Intelligence, elevating a loyalist with no national-security background to US spy chief.
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Trump posted on social media Tuesday that Pulte would also remain in his role as FHFA director and as chairman of the government-administered mortgage giants Fannie Mae and Freddie Mac. He said Pulte “has deep experience managing the most sensitive matters in America,” without providing further explanation of why he picked the home construction heir to lead the nation’s intelligence community.
Fannie slipped as much as 5.7% and Freddie dropped as much as 5.1% on Tuesday. Both have tumbled more than 30% this year.
The selection is unconventional for many reasons, including the 38-year-old Pulte’s lack of experience in intelligence and military issues. Beyond Democrats, he’s drawn criticism from Republicans, including White House officials, because he often takes his ideas directly to the president and tries to work beyond his remit.
Republican Senate Majority Leader John Thune signaled some of that GOP skepticism about Pulte taking over as DNI, which is responsible for oversight of the nation’s 18 intelligence agencies, soon after the announcement came out.
“We don’t need a weaponized DNI, we need professionals there,” Thune told reporters. If the White House decides it wants Pulte in the role permanently, he’ll have “a lengthy road ahead of him” to win confirmation, Thune added.
Yet Pulte is a loyal ally who frequently travels with the president, and Trump has a history of appointing ardent supporters to the role. Pulte was with the president over the weekend, according to a person familiar. His appointment was pushed by Trump confidant and political operative Roger Stone, the person said.
As acting DNI, Pulte could remain in the post for months without requiring Senate confirmation, although people familiar with the situation said he would be a placeholder until a permanent nominee is identified.
Not all Republicans were critical. Senator Bill Hagerty of Tennessee praised Pulte as a “high energy” official who “knows how to get things done,” and has the trust and respect of the president, which he called “a critical factor.”
Trump has never treated the DNI job, which emerged in the aftermath of the Sept. 11, 2001, terrorist attacks, in the way his predecessors did.
His previous spy chief, Tulsi Gabbard, announced late last month that she would step down to help her husband confront health issues. Her anti-war views had led to her exclusion from some White House meetings, but she won the president’s praise repeatedly for championing some key initiatives, including targeting perceived presidential enemies, such as former Central Intelligence Agency Director John Brennan.
She also took on some oversight of US election security, going to a polling center in Atlanta during an FBI raid where voter records and other data had been seized.
That’s more in line with how the White House views the DNI job, according to a person familiar with the matter. The office is thought of as a place to root around various files like those related to the assassination of President John F. Kennedy or other conspiracies, according to the person. That’s something Pulte would be comfortable with, the person added, but it’s also a point Thune warned about.
Trump’s announcement drew more widespread and immediate criticism from Democratic leaders.
“Bill Pulte is a partisan thug with no experience in intelligence,” Senate Minority Leader Chuck Schumer said on X. “He is another unqualified Trump appointee that will make our country less safe.”
Virginia Senator Mark Warner, the top Democrat on the Intelligence Committee, said the appointment “speaks volumes about what this president expects from the nation’s top intelligence official.”
“The president has chosen an official who has demonstrated not just willingness but eagerness to use the authorities of government to pursue political retribution,” Warner said.
CIA Director John Ratcliffe declined to comment to reporters about Pulte.
There’s little doubt Pulte is willing to take on a wide range of assignments, whether they fit his job title or not.
After taking his FHFA post last year, he was a driving force behind the administration’s confrontation with former Federal Reserve Chairman Jerome Powell, pushed controversial housing policy ideas and investigated Trump’s foes for alleged mortgage fraud. He submitted the criminal referral to the Department of Justice about Fed Governor Lisa Cook that is at the root of Trump’s push to fire her.
At the same time, he’s been criticized for not doing enough to address housing affordability, a key complaint of voters who helped elect Trump in 2024 and a looming issue for the 2026 midterms. His call for the creation of 50-year mortgages was widely panned as not providing any substantial benefit to potential homeowners. Another effort to evaluate “portable mortgages” also stalled.
Pulte is “likely to devote less time to housing policy” even if he keeps his current role, TD Cowen’s Jaret Seiberg wrote in a note.
David Dworkin, president and chief executive of the National Housing Conference, said the FHFA job requires full-time attention.
It’s “the most powerful job in housing other than HUD secretary – and in many ways even more influential, because its span includes housing across the middle class,” Dworkin said, referring to the Department of Housing and Urban Development. “Economically, filling this job will be one of the most important decisions the president makes for the second half of this term.”
–With assistance from Daniel Flatley and Skylar Woodhouse.
(Adds details on how decision was made starting in seventh paragraph. Also updates shares decline and adds Hagerty’s remarks about Pulte.)
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