Federal Reserve Chair Jerome Powell is under fire as a House Republican accuses him of lying under oath about a pricey building renovation. Rep. Anna Paulina Luna, R-Fla., has officially referred Powell to the Department of Justice for criminal charges, stirring up a storm among conservative allies of former President Donald Trump. It’s a bold move that’s got everyone talking about integrity and accountability at the nation’s central bank.
At the heart of this controversy, Luna claims Powell committed perjury twice over statements tied to a massive renovation project at the Federal Reserve’s Eccles Building, with costs ballooning from $1.9 billion to $2.5 billion, Fox News reported.
This saga kicked off when Powell testified under oath before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on June 25, 2025. Luna insists he made false statements about the state of the building and its supposed lavish upgrades. It’s not every day you see a Fed chair accused of fibbing about marble finishes and VIP dining rooms.
“On June 25, 2025, Chairman Powell provided testimony under oath… he made several materially false claims,” Luna declared. Well, if that’s true, it’s a hefty charge—perjury can carry up to five years behind bars, not just a slap on the wrist. But is this a genuine call for justice or a political jab at a Trump appointee who’s already on thin ice with some conservatives?
Then there’s a separate letter Powell sent to the Office of Management and Budget Director Russell Vought, downplaying the renovation’s cost overruns as minor tweaks. Luna isn’t buying it, pointing to documents from congressional investigators that suggest the changes were anything but small. Calling a $600 million jump “minor” does raise eyebrows, doesn’t it?
“Separately, in a letter to… Director Russell Vought, Chairman Powell characterized the changes… as minor,” Luna noted. Yet records from the Federal Reserve’s submission to the National Capital Planning Commission tell a different story, painting a picture of a project far more extravagant than Powell let on. One has to wonder if this is fiscal oversight or just a fancy cover-up.
The revised plans for the Eccles Building, according to Luna, include luxuries like a roof terrace garden, water features, and premium finishes—hardly the “simplifications” Powell claimed. He publicly denied these features existed, but the paper trail seems to disagree. It’s tough to justify such opulence when taxpayers are footing the bill.
“According to those records, the revised plan includes a VIP private dining room… features that Powell publicly denied existed,” Luna explained. If these amenities are real, it’s a bitter pill for hardworking Americans who expect transparency from unelected officials. Shouldn’t the Fed be focused on stabilizing the economy, not building palaces?
Powell, for his part, has pushed back, denying all accusations of perjury as reported by a trade outlet. He’s even ordered a formal watchdog investigation into the renovation costs, perhaps hoping to clear the air. But with trust already shaky, will a self-directed probe convince the skeptics?
Meanwhile, conservative Trump allies are ramping up calls for Powell’s dismissal before his term ends in mid-2026. Trump himself has criticized Powell for not slashing interest rates on command, though he told reporters it’s “highly unlikely” he’d fire him. It’s a rare moment of restraint, but the pressure is clearly mounting.
Luna took to social media last week to announce her intent to refer Powell for charges, even hinting that Trump might soon give him the boot. That hasn’t happened yet, and some moderate Republicans warn that ousting Powell could destabilize markets further. It’s a tightrope walk between accountability and economic chaos.
The Federal Reserve has tried to counter the narrative by posting a video tour of the renovation on its website, complete with proposed plans. Fox News Digital reached out for comment, but the Fed stayed mum for now. Transparency after the fact feels a bit like locking the barn door after the horse has bolted.
Critics of Powell argue that his leadership has veered off course, prioritizing questionable projects over fiscal restraint. But supporters caution against rash actions, noting that firing a Fed chair mid-term could spook investors and rattle an already jittery economy. It’s a fair point—stability matters, even if trust is fraying.
So where does this leave us? Luna’s criminal referral is a shot across the bow, a reminder that even the most powerful unelected officials aren’t above scrutiny. Whether it’s perjury or just poor communication, the Eccles Building debacle has exposed cracks in the Fed’s public image.
In the end, this isn’t just about a renovation gone wrong—it’s about whether those steering our economy can be trusted to tell the truth. As conservatives, the push for accountability resonates deeply, especially when progressive policies often seem to dodge similar scrutiny. Let’s hope the DOJ takes a hard look, because clarity is long overdue.
