PULSE POINTS
WHAT HAPPENED: Congresswoman Anna Paulina Luna (R-FL) referred Federal Reserve Chairman Jerome Powell to the Department of Justice (DOJ) for a criminal investigation over “materially false” claims made to Congress.
WHO WAS INVOLVED: Anna Paulina Luna, Jerome Powell, Attorney General Pam Bondi, and Director of the Office of Management and Budget (OMB) Director Russell Vought.
WHEN & WHERE: The referral was announced on Monday, following Powell’s June 25 testimony before the Senate Committee on Banking, Housing, and Urban Affairs.
KEY QUOTE: “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.” – Anna Paulina Luna
IMPACT: The referral raises questions about Powell’s integrity, and could lay the groundwork for the Federal Reserve chairman’s removal from his position “with cause.”
IN FULL
Federal Reserve Chairman Jerome Powell is the subject of a criminal referral filed with the U.S. Department of Justice (DOJ) by Congresswoman Anna Paulina Luna (R-FL). The Florida Republican alleges Powell made “materially false” claims and appeared to have committed perjury during his June 25 testimony before the Senate Committee on Banking, Housing, and Urban Affairs regarding renovations to the Federal Reserve’s headquarters.
“I have formally referred Jerome Powell to the DOJ for criminal investigation,” Rep. Luna posted on X (formerly Twitter). “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 alleges that Powell lied when he denied reports about luxurious upgrades to the Fed’s headquarters, including roof terrace gardens, premium marble finishes, and modernized elevators. According to Luna, these denials were inconsistent with project plans submitted to the National Capital Planning Commission. “The revised plan includes a VIP private dining room, premium marble finishes, modernized elevators, water features, and a roof terrace garden—features that Powell publicly denied existed,” she wrote.
Luna also criticized Powell for a letter he wrote to Office of Management and Budget (OMB) Director Russell Vought regarding the construction and its cost increase from $1.9 billion to $2.5 billion. Vought, who has scrutinized Powell over the renovations, compared it to France’s Palace of Versailles, a byword for extravagance and excess.
Luna’s letter stated, “The discrepancies between Chairman Powell’s sworn testimony and the factual record call for a thorough and impartial review by your office. 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.”
In recent weeks, Powell has faced growing criticism from Republicans, with President Donald J. Trump urging him to resign before his term as chairman expires in May 2026. Trump has repeatedly called for interest rate cuts, clashing with Powell’s continued hesitation toward slashing borrowing costs.
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