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U.S. Representative Anna Paulina Luna has officially referred Federal Reserve Chair Jerome Powell to the Department of Justice, requesting a criminal investigation into whether he lied under oath during a recent appearance before Congress.
Luna, a Republican from Florida, claims Powell gave false and misleading testimony on June 25, 2025, about a taxpayer-funded renovation of the Federal Reserve’s headquarters, the Eccles Building. In a statement posted to social media, Luna accused Powell of intentionally deceiving both Congress and the executive branch.
“Lying under oath is a serious offence, especially from someone tasked with overseeing our monetary system and public trust,” Luna wrote on X.
In a letter to U.S. Attorney General Pam Bondi, Luna listed two specific claims by Powell that she believes were untrue. First, during his testimony, Powell denied that the renovation project included luxury items like a VIP dining room, custom marble finishes, private elevators, decorative water features, and rooftop terrace gardens. However, Luna points to official Federal Reserve documents submitted to the National Capital Planning Commission, which she says confirm the existence of many of those elements.
Second, Powell stated that the building had never undergone a significant renovation before the current one. Luna disputed that, citing a major renovation that took place between 1999 and 2003. That earlier project included roof replacement, major system upgrades, and interior refurbishments, including updates to the courtyard.
Based on these discrepancies, Luna is asking the Justice Department to determine whether Powell broke federal laws prohibiting false statements to Congress, a serious offence that can carry criminal penalties if proven.
Despite the seriousness of the referral, market observers don’t expect Powell to be removed from his position. Prediction markets like Polymarket currently assign only a 20% chance that Powell will be ousted from his role as Federal Reserve Chair before the end of the year.
As of now, neither the Federal Reserve nor the Department of Justice has publicly responded to Luna’s referral. Powell continues to serve as head of the central bank, where he is tasked with managing U.S. interest rates, inflation policy, and overall financial system stability.