Rep. Anna Paulina Luna has referred Fed Chair Jerome Powell for criminal investigation, alleging he lied under oath about the Federal Reserve’s costly renovation plans.
Federal Reserve Chair Jerome Powell has been referred for criminal investigation by Rep. Anna Paulina Luna (R-Fla.) over alleged false statements made under oath regarding the $2.5 billion renovation of the Fed’s Eccles Building.
In a June 25 Senate testimony, Powell downplayed the cost increase from $1.9 billion to $2.5 billion as “minor.” But Luna, in a letter to the Office of Management and Budget, claims documents reviewed by investigators show the upgrades were anything but.
“According to those records, 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,” Luna wrote.
She further alleged that Powell’s characterizations contradicted formal submissions to the National Capital Planning Commission and internal OMB communications.
Powell has denied all perjury allegations and ordered an internal watchdog review.
Perjury carries penalties of up to five years in prison. The Federal Reserve has not yet commented publicly on the referral.