Powell will be investigated by the justice system for lying to Congress about his expenses

Republican Congresswoman for the state of Florida, Anna Paulina Luna, referred the criminal case involving the Chairman of the Federal Reserve to the United States Department of Justice (DOJ). Jerome Powell. 

According to Luna, the current chairman of the central bank lied on two different occasions while testifying under oath at a Congressional hearing, a criminal charge in the United States known as perjury and carrying a sentence of up to five years. 

The Congresswoman's request becomes even more relevant in these times, especially since Powell is at odds with the White House over benchmark interest rates. The inexplicable refusal of the Federal Reserve chairman to cut interest rates has infuriated Trump and risks stalling the U.S. economy. 

Powell wanted taxpayers to pay for his luxuries. 

In this context, the Republican caucus accuses the banker of lying about the amount spent on the renovation of the Eccles building of the Federal Reserve and of misrepresenting its maintenance status.

"On June 25, 2025, Chairman Powell testified under oath before the U.S. Senate Committee on Banking, Housing, and Urban Affairs regarding the renovation of the Federal Reserve's Eccles building. In his statements, he made several materially false claims," Luna's letter states.

"In a letter addressed to the Office of Management and Budget, Chairman Powellcharacterized the changes that increased the project's cost from $1.9 billion to $2.5 billion as minor. However, documents reviewed by Congressional investigators indicate that the scope and cost overruns of this project were neither minor in nature nor in substance," it continues. 

A change is approaching at the Federal Reserve. 

"According to records, the revised plan includes a VIP private dining room, high-end marble finishes, modernized elevators, water fountains, and a rooftop garden terrace, features that Powell publicly denied existed. Meanwhile, Powell presented the changes as simplifications, but the actual project plans suggest otherwise," the referral to the DOJ concludes. 

Powell denied all perjury allegationsand has ordered an official investigation into the renovation costs of the Eccles building, which explains why the Federal Reserve's website now includes a video tour of the renovation and notes on the proposed plans.

Nevertheless, days after this scandal broke, Powell's right-hand man resigned as Federal Reserve governor, and it is rumored that his days as chairman of the central bank are numbered.