It is true that Federal Reserve Chair Jerome Powell is facing a criminal referral for perjury, filed by Representative Anna Paulina Luna, a Republican from Florida.
The referral, sent to the Department of Justice (DOJ) in mid-July 2025, accuses Powell of lying under oath during testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on June 25, 2025.
The allegations primarily concern the $2.5 billion renovation of the Federal Reserve's Eccles Building. Luna claims that Powell misrepresented the extent of luxury amenities included in the renovation (such as VIP dining rooms, marble finishes, and rooftop gardens), which he publicly denied existed. She also states that Powell falsely claimed the building had "never had" a serious renovation, despite evidence of a major overhaul between 1999 and 2003.
It's important to note:
*This is a criminal referral, not an indictment or formal prosecution. The Department of Justice is not compelled to investigate the accusations or file charges.
Powell has denied the allegations, stating that cost increases were due to legitimate construction challenges and design adjustments, and that the changes were minor and aimed at simplifying construction. He has also requested a formal review of the project's costs and management by the Office of Inspector General (OIG).
The referral comes amidst ongoing political pressure from some conservative allies of President Donald Trump, who have publicly urged Powell to resign and criticized his monetary policy decisions.