GOP Lawmaker Accuses Powell Of Lying To Congress, Refers To DOJ For Criminal Charges: Report

Republican Representative Anna Paulina Luna from Florida is reportedly referring Federal Reserve Chair Jerome Powell to the Department of Justice (DOJ) for criminal charges, accusing him of two specific instances of lying under oath.

"On June 25, 2025, Chairman Powell provided testimony 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 said, according to a Fox News report.

Specifically, she accused him of lying about lavish amenities at the Federal Reserve's Eccles Building and misrepresenting its state of maintenance.

"Separately, in a letter to the Office of Management and Budget (OMB) Director Russell Vought, Chairman Powell characterized the changes that escalated the cost of the project 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," Luna wrote.

According to her, Powell's statement that the cost increase of the project was intended to simplify construction and avoid further delays was false. Luna claims that Powell’s statement is contradicted by the Fed’s final submission to the National Capital Planning Commission (NCPC) and other documents. 

"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. While Powell presented the changes as simplifications, the actual project plans suggest the opposite," she wrote in the letter cited by Fox News.

Perjury can be punishable by up to five years in prison, in addition to fines. Luna first said she would be criminally referring Powell to the DOJ in a post on X last week.

According to Fox News, trade outlet Mortgage Professional reported that Powell denied all accusations of perjury and has directed a formal watchdog probe into renovation project costs of the Eccles Building.

The report comes shortly after Treasury Secretary Scott Bessent said that the Federal Reserve should be examined to determine whether it has been successful. 

President Donald Trump has repeatedly expressed his displeasure with Powell for not cutting rates. On his social media platform Truth Social, as well as in interactions with reporters, Trump has called the Fed Chair ‘Too Late’ Powell and a ‘Knucklehead.’ In his most recent comments, the President has been advocating for the Federal Reserve to cut rates by three percentage points.

The markets seemed to have shrugged off the development, with the SPDR S&P 500 (SPY) up 0.7% after the broader index hit a record high on Monday. The Nasdaq 100 also saw a new all-time high, with the Invesco QQQ Series 1 Trust (QQQ), climbing 0.8% in midday trade.

On Stocktwits, retail sentiment around SPY remained in ‘neutral’ territory while retail sentiment around QQQ was in the ‘bullish’ zone.

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