Federal Reserve Chairman Jerome Powell is facing a criminal referral to the Justice Department after Rep. Anna Paulina Luna (R-FL) accused him of lying under oath about a controversial taxpayer-funded renovation of the Federal Reserve’s headquarters.
Luna, a top Trump ally, formally referred Powell for criminal investigation on Monday, claiming he gave “materially false” statements during a Senate hearing last month. The alleged perjury centers around Powell’s denial of extravagant features—such as rooftop gardens, luxury materials, and VIP rooms—despite their inclusion in official renovation documents.
“I have formally referred Jerome Powell to the DOJ for criminal investigation,” Luna posted on X. “Chairman Powell knowingly misled both Congress and executive branch officials about the true nature of a taxpayer-funded project. Lying under oath is a serious offense—especially from someone tasked with overseeing our monetary system and public trust.”
The hearing in question took place on June 25 before the Senate Committee on Banking, Housing, and Urban Affairs. Powell told senators that the $2.5 billion renovation project was being scaled back, and denied specific claims of luxury upgrades. But Luna says records submitted to the National Capital Planning Commission paint a very different picture—showing plans for a VIP private dining room, water features, premium marble finishes, modernized elevators, and rooftop terrace gardens.
“These are not simplifications,” Luna wrote in her letter to Attorney General Pam Bondi. “Powell’s sworn testimony conflicts with the documented renovation plans, and that discrepancy demands a full investigation.”
Luna also blasted Powell over a letter he sent to former OMB Director Russell Vought, downplaying the scope of the renovations despite a cost increase from $1.9 billion to $2.5 billion. Vought has compared the project to building a “new Versailles.”
Tensions between Powell and Republicans have escalated in recent months as President Donald Trump pushes for immediate interest rate cuts and economic expansion. Trump has openly called for Powell to resign before his term expires in May 2026.
“The integrity of oversight and the trust placed in public officials—particularly those responsible for monetary policy and stewardship of taxpayer resources—demand accountability at the highest levels,” Luna wrote.
The Justice Department has not yet responded to the referral.