Fed Chair Powell Accused Of Lying To Congress Over $2.5 Billion Luxury Renovation

Federal Reserve Chairman Jerome Powell is under fire after reportedly lying under oath to Congress about the Federal Reserve’s $2.5 billion headquarters renovation a project critics now call a “Palace of Versailles” for America’s most insulated elites.

Planning documents reviewed by the Senate Banking Committee show the renovations include private dining rooms, a governors-only elevator, vegetated roof terraces for “urban wildlife and pollinators,” water features, and new marble all of which Powell flatly denied during sworn testimony last week.

“There’s no VIP dining room, there’s no new marble. There are no special elevators,” Powell told the committee. “There are no new water features, there’s no beehives, and there’s no roof terrace gardens.”

But the official 2021 filings with the National Capital Planning Commission tell a different story:

• “The private dining rooms on Level 4 will be restored.”

• “The Governors’ private elevator will be extended to discharge at the dining suite level.”

• “Vegetated roof terraces” are designed to support “urban wildlife and pollinators.”

Senator Tim Scott (R-SC), chair of the Senate Banking Committee, did not mince words: “Luxury upgrades that feel more like they belong in the Palace of Versailles.”

Even more galling is the Fed’s current financial situation. Under Powell’s leadership, the Fed posted a record $114.6 billion loss in 2023 the first annual operating loss in its history and $233 billion in total red ink over the last three years. Meanwhile, Powell dismissively told senators, “the cost overruns are what they are.”

Senator Cynthia Lummis (R-WY) called Powell’s testimony a disgrace “He was clearly not prepared... This is typical of the mismanagement and ‘don’t bother me’ attitude that Chair Powell has always shown.”

Andrew T. Levin, a former Fed advisor and current Dartmouth economist, demanded accountability: “A top Fed official cannot be permitted to make false statements under oath... Such statements must be corrected and, in egregious cases, subject to censure by the Senate.”

Adding his voice to the growing outrage, Elon Musk called the Fed’s renovations “an eyebrow raiser” and urged the Department of Government Efficiency to investigate the spending.

All of this unfolds as the Fed resists pressure from President Trump to slash interest rates amid economic turbulence. With Powell’s term ending in May 2026, and his credibility imploding, many wonder if Trump will allow him to serve it out.

A Fed chair under oath denying lavish luxuries while the documents say otherwise and the nation drowns in debt. If that doesn’t call for consequences, what does?

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