U.S. Congressman Luna sent a letter to the Department of Justice, claiming that Powell committed perjury twice and proposed criminal charges

On Monday local time, according to Fox News Digital, Republican Congressman Anna Paulina Luna from Florida sent a letter to the U.S. Department of Justice, claiming that Federal Reserve Chairman Jerome Powell committed perjury twice and is facing criminal charges. In the U.S., perjury can carry a maximum sentence of five years in prison and may also result in fines.

Luna wrote in the letter:

On June 25, 2025, during his testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs regarding the renovation of the Federal Reserve's Eccles Building, Chairman Powell made several substantive false statements in his testimony. (Note: Luna specifically accuses Powell of making false statements regarding the luxurious facilities and maintenance conditions of the Eccles Building.)

Furthermore, in a letter to Russell Vought, Director of the Office of Management and Budget (OMB), Powell stated that the change in project cost from $1.9 billion to $2.5 billion was insignificant. However, documents reviewed by U.S. congressional investigators show that the scope and cost overruns of this project are neither minor nor simple.

Luna claims that Powell's assertion about the cost increase being to simplify construction and avoid further delays is untrue:

This statement contradicts the final plan submitted by the Federal Reserve to the National Capital Planning Commission (NCPC) and the statements made by Director Vought in his original letter to Chairman Powell.

According to these records, the revised plan includes VIP private dining rooms, high-end marble decor, modern elevators, water features, and a rooftop garden—facilities that Powell has publicly denied the existence of. Although Powell described these changes as simplifications, the actual project plans indicate the opposite.

Luna announced on the X platform last week that she plans to refer Powell to the Department of Justice for criminal charges. She also wrote on X last week that she believes President Trump will soon fire Powell, which briefly caused market turmoil; however, this uproar quickly subsided, and the firing has not yet occurred.

Luna won re-election in 2024 and is now a member of the House Foreign Affairs Committee and the House Committee on Oversight and Government Reform.

This incident comes as conservative allies of Trump continue to call for Powell's removal before his term ends in May 2026.

The mortgage industry media "Mortgage Professional" reported that Powell denies all perjury allegations and has initiated a formal regulatory investigation to review the cost issues of the Eccles Building renovation project.

The Federal Reserve's official website has also added a video tour and project description of the renovation.

Trump has consistently criticized Powell for not lowering interest rates according to his wishes. However, he has told reporters that it is "extremely unlikely" he would fire him.

Some moderate Republicans and supporters of Powell believe that firing Powell would only exacerbate market instability. A key figure in Trump's inner circle—U.S. Treasury Secretary Janet Yellen—is a major internal voice opposing Powell's dismissal According to previous media reports, Besant told Trump that given the current good economic performance and the positive market response to Trump's policies, it is unnecessary to dismiss Powell. He also reminded Trump that Federal Reserve officials have signaled that they may cut interest rates twice before the end of the year, which is already moving in the direction Trump hopes for