In a significant escalation of tensions surrounding Federal Reserve oversight, Representative Anna Paulina Luna, a Republican from Florida, has referred Federal Reserve Chair Jerome Powell to the Department of Justice, accusing him of perjury tied to the contentious $2.5 billion renovation of the Fed’s headquarters. The announcement, made late Thursday on social media, has reignited debate over transparency and accountability within the central bank.
At the center of Luna’s referral are inconsistencies between Powell’s previous congressional testimony and internal planning documents concerning the renovation project, writes The Daily Caller. Luna alleges Powell deliberately misled Congress about the scope of the project, specifically about the inclusion of private dining suites and expanded private elevators for Fed Governors—items Powell previously denied were part of the renovation. The controversy has been amplified by reports of a nearly 30% cost overrun, fueling accusations of taxpayer-funded extravagance.
In response, the Federal Reserve has attributed the ballooning budget to unforeseen factors such as asbestos remediation and inflation-related increases in construction expenses. However, critics argue that the decision to extensively renovate the Depression-era Eccles Building points to broader mismanagement.
The political implications of Luna’s referral extend beyond the renovation itself, intersecting with long-running tensions between Powell and the Trump administration over monetary policy. White House Budget Director Russell Vought recently described the Fed’s renovation plans as extravagant, voicing explicit concerns regarding Powell’s judgment. President Trump, who appointed Powell in 2017, previously drafted—but ultimately set aside—a letter dismissing the chairman, amidst fears of market instability. Trump has persistently criticized Powell’s cautious monetary stance, advocating instead for a lower 1% interest rate to ease the government’s soaring $36 trillion debt burden.
The Eccles Building, headquarters of the Federal Reserve System in Washington, D.C., was completed in 1937 amid the Great Depression, symbolizing the government’s expanded role in economic oversight. Designed by architect Paul Philippe Cret in the stripped classical style, the building is named after Marriner S. Eccles, chairman of the Federal Reserve Board from 1934 to 1948, who championed monetary reforms crucial to economic recovery. Over the decades, the Eccles Building has been central to U.S. financial policymaking, embodying both the stability and evolving complexities of the nation’s monetary system.
[Read More: Wildfire Approaching Area 51]
Why in the world does the FED need a $2.5 billion dollar renovation of it’s HQ ?? There are tens of thousands of empty government owned and leased spaces in D.C. that should be looked at first. There is NO REAL NEED. But maybe a $2.5 billion dollar renovation with make King Jerome feel better and more powerful. Trump is the CEO. of the U.S. government. He should have every authority to fire Powell for many reasons. The biggest reason right now should be “STUPIDITY”. Just tell the fool the taxpayers will not stand for this nonsense. The House should deny any appropriations for this boondoggle.