Federal Reserve Chair Jerome Powell has been hit with a referral to the Division of Justice (DOJ) on two situations of prison fees. US Congresswoman for Florida Anna Paulina Luna is accusing Powell of perjury on two events, in keeping with a letter to the DOJ obtained by Fox Information.
“On June 25, 2025, Chairman Powell offered testimony beneath oath earlier than the U.S. Senate Committee on Banking, Housing, and City Affairs concerning the renovation of the Federal Reserve’s Eccles Constructing. In his statements, he made a number of materially false claims,” Luna’s letter reads.
The Florida Republican additionally accused Powell of mendacity about lavish facilities on the Federal Reserve’s Eccles Constructing and misrepresenting its state of upkeep. “Individually, in a letter to the Workplace of Administration and Price range (OMB) Director Russell Vought, Chairman Powell characterised the modifications that escalated the price of the mission from $1.9 billion to $2.5 billion as minor. Nonetheless, paperwork reviewed by congressional investigators point out that the scope and price overruns of this mission have been neither minor in nature nor in substance.”
Jerome Powell Already In Scorching Water: DOJ Referral May Crank the Temperature Greater
Jerome Powell’s referral to the DOJ comes at a time when the Fed Chair is already in sizzling water with the Trump administration. Final week, it was revealed that US President Donald Trump drafted a letter to fireside Powell. The president has beforehand referred to as on Mr. Powell to resign, stating that he has not finished sufficient to decrease rates of interest. As lately as Friday, Mr. Trump stated he had no plans to fireside Mr. Powell, regardless of saying the Fed chair was doing a “horrible job.” Nonetheless, mounting strain on the present Federal Reserve chair has turn into extra severe, and the prison fees he’s being accused of might play a component in his potential departure.
Congresswoman Anna Paulina Luna first revealed she could be referring such fees to the DOJ final week in a put up to X. “It’s contradicted by the Federal Reserve’s last submission to the Nationwide Capital Planning Fee (NCPC) and by the assertions made in Director Vought’s personal unique letter to Chairman Powell,” Luna wrote. “In accordance with these information, the revised plan features a VIP personal eating room, premium marble finishes, modernized elevators, water options, and a roof terrace backyard—options that Powell publicly denied existed. Whereas Powell introduced the modifications as simplifications, the precise mission plans recommend the alternative.”
Ought to the Fed Chair be discovered responsible, Powell might serve as much as 5 years in jail along with paying fines. Additional, it could undoubtedly put his future because the US central financial institution chair up in jeopardy.
