Rep. Luna Accuses Fed Chair Powell of Perjury Over $2.5B HQ Renovation

Rep. Luna has referred Federal Reserve Chair Jerome Powell to the Department of Justice, alleging perjury related to a $2.5 billion renovation of the Fed’s Washington headquarters. Luna claims Powell’s testimony materially understated the cost overruns and misrepresented the budget breakdown. Critics point to a $700 million excess and first Fed deficit since FY 23, fueled by luxury upgrades such as rooftop gardens and marble fixtures. Powell denies these features remain, stating that ‘‘marble, fountains and VIP elevators’’ were removed and that essential health and safety repairs are the priority. The dispute highlights growing congressional oversight and a push for transparency in Fed spending. A DOJ investigation could intensify scrutiny of Federal Reserve transparency and governance.