Jerome Powell Referred For Criminal Investigation Over Alleged Lies To Congress

Federal Reserve Chairman Jerome Powell is facing mounting legal and political pressure after Rep. Anna Paulina Luna (R-FL) formally referred him to the Justice Department for a criminal investigation. Luna alleges that Powell lied under oath during a Senate Banking Committee hearing last month concerning a controversial and expensive renovation of the Federal Reserve’s headquarters.

“I have formally referred Jerome Powell to the DOJ for criminal investigation,” Luna announced 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.”

Luna’s referral letter to Attorney General Pam Bondi claims Powell made “materially false” statements about the scope and cost of the renovations during his June 25 testimony. She specifically pointed to Powell’s denials of extravagant upgrades, which she says contradict official project plans filed with the National Capital Planning Commission.

The disputed renovations reportedly include:

• A VIP private dining room with premium finishes.

• Roof terrace gardens and high-end marble installations.

• Modernized elevators and elaborate water features.

• An overall cost increase from $1.9 billion to $2.5 billion.

Luna compared the luxury renovations to the opulence of France’s Palace of Versailles. “The discrepancies between Chairman Powell’s sworn testimony and the factual record call for a thorough and impartial review by your office,” Luna wrote. “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.”

Powell has already faced heavy criticism from conservatives and President Donald Trump, who has repeatedly called for his resignation. Trump has accused Powell of failing to cut interest rates fast enough to stimulate economic growth and counter inflation. Powell’s term as Fed chair is set to expire in May 2026, but calls for his early departure are growing louder.

The allegations come as distrust in federal institutions continues to rise. For many, Powell’s alleged misstatements about taxpayer-funded luxury upgrades add fuel to the fire. Whether the Justice Department will open a criminal investigation remains to be seen, but Luna has made it clear she intends to hold Powell accountable.

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