Rep. Anna Paulina Luna, R-Fla., has formally referred Federal Reserve Chair Jerome Powell to the Department of Justice (DOJ) for criminal prosecution, alleging that he committed perjury on two occasions while testifying under oath. According to a letter obtained by Fox News Digital, Luna accused Powell of making materially false statements to both Congress and the Office of Management and Budget.
The accusations stem from Powell’s June 25, 2025, testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, in which he defended the soaring renovation costs of the Federal Reserve’s Eccles Building in Washington. Originally budgeted at $1.9 billion, the project has ballooned to $2.5 billion—a 32% increase.
Luna’s letter to the DOJ asserts that Powell misrepresented the extent and nature of these upgrades, falsely downplaying them as “minor.” In reality, according to records reviewed by congressional investigators, the renovations included high-end features such as a VIP private dining room, premium marble finishes, modernized elevators, water features, and a rooftop terrace garden—amenities that Powell publicly denied existed.
“Powell claimed these changes were simplifications to avoid delays,” Luna wrote, “but the official project documents tell a different story.” She further pointed to contradictions between Powell’s statements and the final plans submitted to the National Capital Planning Commission (NCPC), as well as correspondence from OMB Director Russell Vought.
Luna first announced her intention to pursue criminal charges on X last week. If convicted, Powell could face up to five years in prison for perjury, in addition to potential fines.
Meanwhile, Powell has denied all accusations and has reportedly requested a formal watchdog investigation into the renovation’s escalating costs. A video tour and updated project documentation have since been published on the Federal Reserve’s website.
The referral adds fuel to growing conservative pressure to remove Powell, a Trump appointee whose term does not expire until mid-2026. Luna previously stated she believed President Trump would fire Powell soon, though Trump has only hinted at the possibility, calling it “highly unlikely” for now.
Still, some Republicans continue to argue that Powell’s alleged misconduct justifies removal, while others warn that firing the Federal Reserve Chair could further destabilize the economy.
As the DOJ reviews Luna’s referral, the spotlight is likely to intensify on Powell and the Federal Reserve—already a flashpoint for political tensions around inflation, interest rates, and government accountability.
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