Rep. Luna Calls for Investigation into Federal Reserve Chairman

Rep. Anna Paulina Luna, a Republican from Florida, announced on X that she plans to refer Federal Reserve Chairman Jerome Powell to the Department of Justice (DOJ) for an investigation into potential perjury related to a costly renovation project for the Fed’s headquarters.

The Domestic Capital Planning Committee had approved plans for the renovation back in September 2021, bringing the total estimated cost to about $2.5 billion. Luna expressed her concerns on X, referring to the project as “crazy.”

“I’m ordering Jerome Powell to the DOJ to investigate perjury regarding his crazy $2.5 billion building,” she stated.

Concerns about the renovation sparked in July after Bill Palt, director of the Federal Housing and Finance Agency, called for a congressional investigation. He claimed that Powell’s testimony before the Senate was misleading.

President Donald Trump later echoed these concerns, sharing a Bloomberg article about the allegations and suggesting Powell should resign. He remarked, “‘Too late’ should resign soon!!!”

The renovations originally received board approval in 2017. The Fed’s official website mentioned that their Office of Inspector General has been granted access to all project-related information, including costs and schedules. Yet, since the initial steering, the total estimate ballooned by approximately $700 million, rising from about $1.9 billion to $2.5 billion. Factors contributing to the increased costs include soaring prices for materials like steel and cement, as well as underground work.

Claims have emerged from Trump’s team suggesting that the renovation includes a VIP dining room and elevators, which Powell has denied. Following Trump’s call for his resignation, Powell has since requested a review of the project by the Fed’s Inspector General, Michael Horowitz, to explore the costs and other pertinent issues.