Federal Reserve Chair Jerome Powell has been hit with a referral to the Department of Justice (DOJ) on two instances of criminal charges. US Congresswoman for Florida Anna Paulina Luna is accusing Powell of perjury on two occasions, according to a letter to the DOJ obtained by Fox News.
“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 reads.
The Florida Republican also accused Powell 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.”
Jerome Powell Already In Hot Water: DOJ Referral Could Crank the Temperature Higher
Jerome Powell’s referral to the DOJ comes at a time when the Fed Chair is already in hot water with the Trump administration. Last week, it was revealed that US President Donald Trump drafted a letter to fire Powell. The president has previously called on Mr. Powell to resign, stating that he has not done enough to lower interest rates. As recently as Friday, Mr. Trump said he had no plans to fire Mr. Powell, despite saying the Fed chair was doing a “terrible job.” However, mounting pressure on the current Federal Reserve chair has become more serious, and the criminal charges he is being accused of could play a part in his potential departure.
Congresswoman Anna Paulina Luna first revealed she would be referring such charges to the DOJ last week in a post to X. “It is contradicted by the Federal Reserve’s final submission to the National Capital Planning Commission (NCPC) and by the assertions made in Director Vought’s own original letter to Chairman Powell,” Luna wrote. “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.”
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Should the Fed Chair be found guilty, Powell could serve up to five years in prison in addition to paying fines. Further, it would undoubtedly put his future as the US central bank chair up in jeopardy.