Representative Anna Paulina Luna (R-Fla.) has formally referred Federal Reserve Chair Jerome Powell to the Department of Justice for a criminal investigation, accusing him of making false statements under oath.
In a letter to the DOJ, Luna alleges that Powell committed perjury on two separate occasions regarding the costly renovation of the Federal Reserve’s Eccles Building. The referral is the latest development in a push by some conservative allies of Donald Trump to remove Powell from his position before his term expires in mid-2026.
Luna’s letter claims Powell made “materially false claims” during sworn testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. The congresswoman contends that Powell misrepresented the building’s maintenance needs and falsely denied the inclusion of lavish amenities in the project.
The second allegation concerns a letter Powell sent to former Office of Management and Budget (OMB) Director Russell Vought. In it, Powell allegedly described changes that increased the project’s cost from $1.9 billion to $2.5 billion as “minor” adjustments intended to simplify construction. Luna asserts this claim is contradicted by Federal Reserve documents submitted to the National Capital Planning Commission.
According to Luna, these records show the revised plan includes features Powell publicly denied, such as a VIP private dining room, premium marble finishes, water features, and a roof terrace garden.
Perjury is a federal crime punishable by fines and up to five years in prison.
According to reports, Powell has denied the accusations and has requested a formal watchdog probe into the renovation’s costs. In response to the scrutiny, the Federal Reserve has posted a video tour and details of the renovation plans on its website.
The referral follows ongoing criticism of Powell by former President Trump, who has attacked the Fed chair over interest rate policy. However, Trump recently told reporters it was “highly unlikely” he would seek to fire Powell. Supporters of Powell argue that his removal could trigger significant market instability.
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