Well, it looks like Jerome Powell just landed himself in the political and legal pressure cooker — and this time, it’s not about interest rates. On Thursday, Rep. Anna Paulina Luna dropped a bombshell on X, announcing a criminal referral for none other than the Federal Reserve Chairman himself. That’s right — Powell is being sent to the DOJ for potential perjury tied to a bloated, wildly expensive, and increasingly shady $2.5 billion renovation project.
The Federal Reserve’s headquarters near the National Mall was originally supposed to be a $1.9 billion facelift. Now it’s ballooned to $2.5 billion, and nobody’s getting a straight answer as to why — except maybe the luxury contractors raking in the cash. Powell, under oath, allegedly downplayed or misrepresented the project’s lavish features and ballooning costs during his testimony before the Senate. And if that’s true, we’re not just talking about bad math; we’re talking fraud and perjury.
I am told by very reliable Congressional sources that there may be a criminal referral coming from one or more Congress members to the DOJ for Jay Powell’s alleged perjury about the $2.5BN building.
— Pulte (@pulte) July 17, 2025
Rep. Luna said it loud and clear: “This is huge.” And she’s not wrong. If Powell knowingly lied to Congress about how taxpayer and monetary resources are being used — especially for a government building renovation that now rivals some Vegas casinos in cost — he’s not just at risk of losing his job. He could be looking at criminal charges.
Even the New York Post reported that Powell tried to play defense, sending a letter to White House budget director Russ Vought, insisting that the project is being “carefully overseen.” Right. Because a $600 million overrun screams “careful oversight.” Maybe he meant carefully overseen by luxury design firms and federal contractors laughing all the way to the bank.
And here’s where it gets more political. President Trump has already called on Powell to resign — and this isn’t just about the building. Trump has repeatedly blasted Powell for refusing to lower interest rates, hammering middle-class Americans with Biden-era inflation while dragging his feet on monetary relief.
Now add a federal perjury probe to the mix, and Powell’s chair might start to look more like a trap door.
Bill Pulte, Director of Federal Housing, also hinted at something big just an hour before Luna’s announcement. Coincidence? Unlikely.
Bottom line: Jerome Powell is facing a reckoning. You don’t get to play fast and loose with public funds, lie to Congress, and expect to walk away clean. Stay tuned. This story’s only getting started.
Nobody is above the law even powell. Sounds like he is part of the swamp. Maybe is time to drain the swamp ans send this guy packing.
For Fraud & waste alone Yes