Rep. Anna Paulina Luna, a staunch ally of former President Donald Trump, has taken aim at Federal Reserve Chairman Jerome Powell with a criminal referral to the Department of Justice. Her accusation of perjury, tied to Powell’s testimony on a pricey renovation project, signals a broader conservative push to hold unelected officials accountable.
According to Fox News, Luna claims Powell lied under oath during a Senate committee hearing on June 25, 2025, about the Federal Reserve’s Eccles Building renovation. She further alleges he misrepresented cost overruns in a letter to the Office of Management and Budget, painting a $600 million escalation as minor tweaks.
This isn’t just about drywall and paint; Luna’s letter details Powell’s alleged falsehoods on lavish upgrades like VIP dining rooms and premium marble finishes, which he publicly denied. If true, such discrepancies could undermine trust in an institution already under scrutiny for its handling of economic policy.
During his Senate testimony before the Banking, Housing, and Urban Affairs Committee, Powell described the Eccles Building project as necessary maintenance, downplaying its extravagance. Luna contends his statements were “materially false,” pointing to records that contradict his narrative.
Her evidence includes documents showing modernized elevators, water features, and a roof terrace garden, hardly the bare-bones fixes Powell suggested. This gap between rhetoric and reality fuels skepticism about whether the Fed prioritizes fiscal restraint or bureaucratic luxury.
Luna’s referral also cites Powell’s claim to OMB Director Russell Vought that cost increases from $1.9 billion to $2.5 billion were to simplify construction. Yet, submissions to the National Capital Planning Commission reveal a scope far beyond simplification, raising questions about transparency at the highest levels.
The Florida Republican doubled down in a separate letter to Vought, arguing Powell’s portrayal of the project clashed with official records. She highlighted his denial of upscale amenities as a deliberate attempt to mislead both Congress and the public.
Powell, for his part, has rejected the perjury accusations outright and ordered a formal watchdog investigation into the renovation costs. The Federal Reserve’s website now features a video tour and project notes, perhaps an attempt to counter criticism with visibility.
Still, Luna’s move, first teased on X last week, taps into a wider conservative frustration with Powell’s tenure, especially among Trump allies who’ve long called for his ouster. With perjury carrying penalties of up to five years in prison, the stakes of this referral are anything but symbolic.
Trump himself has kept Powell in the crosshairs, criticizing the Fed chair for resisting calls to slash interest rates. Though the former president recently told reporters it’s “highly unlikely” he’d fire Powell before his term ends in mid-2026, the pressure from allies like Luna keeps the heat on.
Moderate Republicans, however, warn that ousting Powell could rattle markets already jittery over inflation and rate debates. They argue stability, not political vendettas, should guide decisions about the Fed’s leadership.
Luna’s earlier post on X hinted at confidence that Trump would soon act against Powell, though no such move has materialized. Her referral might be less about immediate results and more about signaling that unchecked power, even at the Fed, won’t go unchallenged.
This clash underscores a deeper tension between conservative lawmakers and institutions they view as detached from everyday Americans’ struggles. When a Fed chair’s testimony about a bloated renovation budget can’t be trusted, it’s hard to have faith in broader economic stewardship.
Powell’s defenders might call this referral a distraction from real policy debates, but ignoring discrepancies in sworn statements risks normalizing dishonesty in public office. If the DOJ takes up Luna’s case, it could set a precedent for how far Congress can push against bureaucratic overreach.
Ultimately, this isn’t just about marble finishes or terrace gardens; it’s about whether those steering the nation’s economy face the same scrutiny as the taxpayers footing the bill. As this unfolds, the balance between accountability and political maneuvering will be worth watching closely.
