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 taken the dramatic step of referring Powell to the Department of Justice for criminal charges, alleging perjury in his statements about the Federal Reserve’s Eccles Building project. It’s a bold move that’s got conservative circles buzzing and moderates sweating over market stability.
According to Fox News, this saga centers on Luna’s claim that Powell misled Congress and the public about a renovation project ballooning from $1.9 billion to $2.5 billion, while denying lavish upgrades and downplaying cost overruns.
Luna first pointed to Powell’s testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, where he discussed the Eccles Building renovation. She alleges he made false statements under oath about the project’s maintenance needs and fancy features. If true, that’s not just a slip-up—it’s a potential crime carrying up to five years behind bars.
“On June 25, 2025, Chairman Powell provided testimony under oath... regarding the renovation... he made several materially false claims,” Luna declared. Well, if you’re going to swear to tell the truth, you’d better not fudge the details on a multi-billion-dollar project. This isn’t just about a building; it’s about trust in our financial stewards.
Then there’s the letter Powell sent to Office of Management and Budget Director Russell Vought, where he reportedly called the massive cost jump “minor.” Luna counters that congressional documents show the overruns were anything but small, painting Powell’s words as a deliberate dodge. If the numbers don’t add up, neither does the credibility.
Luna further highlighted records from the Federal Reserve’s submission to the National Capital Planning Commission, which she says contradict Powell’s narrative. “It is contradicted by the Federal Reserve’s final submission... and by the assertions made in Director Vought’s original letter,” she argued. Sounds like someone’s paperwork isn’t passing the smell test.
What’s got Luna so fired up are the specifics of this renovation plan—think VIP dining rooms, premium marble, water features, and a rooftop garden, all of which Powell allegedly denied. “The revised plan includes a VIP private dining room... features that Powell publicly denied existed,” Luna charged. If these luxuries are real, why play coy while taxpayers foot the bill?
Powell, for his part, has pushed back hard, denying any wrongdoing and ordering a formal watchdog investigation into the project’s costs. The Federal Reserve even posted a video tour and project details on their website, as if transparency now can erase past doubts. But is this a genuine cleanup or just damage control?
Meanwhile, Luna isn’t holding back, having announced her referral intentions on social media last week with the confidence of a true believer. She’s even hinted at hopes that President Donald Trump might oust Powell, though Trump himself called such a move “highly unlikely.” That’s a rare moment of restraint from a leader who’s openly criticized Powell for not slashing interest rates on command.
Trump’s frustration with Powell isn’t new, and conservative allies are piling on, demanding the Fed Chair’s dismissal well before his term ends in mid-2026. Yet, moderate Republicans and Powell’s defenders warn that such a firing could rattle markets more than any interest rate hike. It’s a classic clash—principle versus pragmatism.
Luna’s accusations carry weight in a political climate where trust in institutions is already threadbare. If Powell’s statements about simplifying construction to avoid delays are as false as she claims, it fuels the narrative of elitist excess at the Fed. Americans deserve leaders who level with them, not ones hiding marble finishes behind bureaucratic jargon.
The Eccles Building drama isn’t just about construction costs; it’s a proxy for broader discontent with unelected officials wielding outsized power. Conservative voices see this as a chance to rein in what they view as unchecked authority, while others fear it’s a reckless attack on stability. Where’s the line between accountability and political theater?
For now, the Federal Reserve has stayed mum, with no immediate comment to media inquiries. That silence might be strategic, but it’s not exactly reassuring to a public already skeptical of backroom dealings. Transparency shouldn’t be a last resort.
As this referral heads to the Department of Justice, the stakes couldn’t be higher for Powell, who faces not just legal scrutiny but a growing chorus of critics. Perjury isn’t a minor charge, and even the perception of deceit could tarnish the Fed’s reputation. Will this be a turning point or just another Washington sideshow?
One thing is clear: this battle over a building renovation has become a lightning rod for deeper frustrations with federal overreach and fiscal irresponsibility. Whether Powell weathers this storm or not, the debate over who really controls America’s financial future is far from over. Let’s hope the truth—and not just a fancy rooftop garden—comes to light.
