Anna Paulina Luna, a Republican congresswoman and ally of former U.S. President Donald Trump, has officially requested the U.S. Department of Justice to initiate a criminal case against Federal Reserve Chair Jerome Powell.
This is reported by Business • Media
Allegations of Perjury and Concealing Expenses
Luna claims that Powell provided false testimony under oath during a Senate Banking Committee hearing on June 25, 2025. She stated that he denied the existence of expensive amenities in the renovation project of the Eccles building – the Fed’s headquarters, even though, according to Luna, the new plan includes a VIP dining area, marble finishes, water installations, a rooftop garden, and modern elevators. Additionally, the scale and cost of the renovation have increased from $1.9 billion to $2.5 billion.
“According to documents that Congressional investigators have already reviewed, the changes were neither minor in nature nor insignificant in scope,” Luna wrote.
The congresswoman also asserts that Powell intentionally presented the updated renovation plan as simplified to conceal excessive costs. She refers to letters Powell sent to Office of Management and Budget Director Russell Vought, in which he, according to Luna, downplayed the scale of the changes. Luna emphasizes that these claims contradict the official plans submitted to the National Capital Planning Commission, as well as Vought’s own statements.
Powell’s Response and Political Context
Jerome Powell has dismissed all allegations of perjury and initiated an internal review of the renovation expenses. Moderate Republicans and his supporters argue that removing the Fed chair could trigger additional instability in financial markets.
The conflict between Trump’s conservative allies and Powell is intensifying: Trump has repeatedly called for interest rate cuts, but the Fed maintained rates at 4.5% for the fourth consecutive time in June 2025. At the end of June, Powell testified before Congress and stated that there was no need to ease monetary policy. For his part, Trump has consistently criticized Powell since his presidency, although in April of this year he stated that he does not plan to dismiss him.
Meanwhile, in April 2025, Chief Justice John Roberts Jr. temporarily approved a ruling that could grant Trump the authority to dismiss employees of independent federal agencies, including the Fed.