Fed Chair Jerome Powell Faces Perjury Accusation Over Testimony

Federal Reserve Chair Jerome Powell has been accused of lying to Congress regarding luxurious renovations at the Federal Reserve's headquarters.

According to the Daily Wire, Florida Congresswoman Anna Paulina Luna has taken steps, asking the Department of Justice to investigate claims of false testimony by Powell before a Senate committee earlier this summer.

Rep. Anna Paulina Luna, a Republican representing Florida, has made a significant move by referring Jerome Powell to the Department of Justice for an investigation. Her concerns center around Powell's statements before the Senate Committee on Banking, Housing, and Urban Affairs. Luna alleges that Jerome Powell provided false information during testimony about renovations occurring at the Federal Reserve's headquarters on June 25.

Details of Disputed Renovations Emerge

At the heart of the matter are Luna's claims that Powell denied several high-end updates to the Federal Reserve building. These upgrades were said to include features such as roof terrace gardens, high-quality marble, and advanced elevators, none of which Powell acknowledged. Luna's accusations suggest a stark difference between Powell's testimony and documented project plans detailing the luxurious enhancements.

Furthermore, Luna highlights significant cost discrepancies in the renovation project. Initially projected at $1.9 billion, the budget swelled to $2.5 billion, fueling further scrutiny and questioning the project's accountability and transparency. When describing the progess, Russell Vought, the Office of Management and Budget Director, made a comparison to the elaborate costs associated with constructing France's Palace of Versailles.

Luna's referral to the DOJ represents escalating tensions surrounding the issue. She stated, "I have formally referred Jerome Powell to the DOJ for criminal investigation," emphasizing the seriousness of her allegations against the head of the Federal Reserve.

Political Context Fuels Investigation

The friction between Powell and certain Republican factions isn't new, compounded by the timing of these allegations. Previously, former President Donald Trump called for Powell's resignation, encouraging him to step down before the conclusion of his term in May 2026. This continual push highlights broader discontent among specific political groups towards Powell's leadership of the Federal Reserve.

Luna's moves are framed by her pursuit of accountability, particularly for those tasked with the stewardship of monetary policy and taxpayer funds. "The integrity of oversight and the trust placed in public officials... demand accountability at the highest levels," Luna expressed, underscoring the gravity she perceives in the need for an impartial review.

In making her referral, Luna specifically criticized Powell for misleading both Congress and officials in the executive branch. Her charges of dishonesty and perjury are grounded in the discrepancies between his testimony and the factual record, as she presented.

Reactions and Future Developments Await

The DOJ's impending decision on whether to pursue this investigation will be closely watched. Should they choose to proceed, it signals not only a legal examination of Powell's testimony but also potential implications for his position and the reputation of the Federal Reserve.

Perjury in Congress, especially by a high-ranking official like Powell, is not a charge taken lightly. "Lying under oath is a serious offense," Luna noted, reflecting the significant public trust bestowed upon those overseeing the nation’s monetary system.

The allegations lodge a formidable challenge as Powell navigates the remainder of his term amid ongoing political tensions and scrutiny. Observers within and outside of government circles will be evaluating the DOJ's response and the broader ramifications stemming from this referral.

With accountability and transparency at the forefront, necessary discussions about financial oversight are likely to continue, irrespective of the DOJ's ultimate decision. How this narrative develops will depend on further investigations and potential legal proceedings moving forward.