Federal Reserve Chairman Jerome Powell is now facing a criminal referral to the Department of Justice for allegedly lying to Congress about the ballooning $2.5 billion renovation of the Fed’s headquarters in Washington, D.C.
Criminal Referral Hits the Hill
On Thursday, Bill Pulte, the Trump-appointed Chairman of the Board of Fannie Mae and Freddie Mac, revealed what he called a bombshell:
“I am told by very reliable Congressional sources that there may be a criminal referral coming from one or more Congress members to the DOJ for Jay Powell’s alleged perjury about the $2.5BN building,” Pulte posted on X.
Just one hour later, Rep. Anna Paulina Luna (R-FL) confirmed the referral.
“I am criminally referring Jerome Powell to the DOJ to investigate perjury regarding his crazy $2.5BN building,” Luna announced on X.
What’s the Scandal?
The Fed’s headquarters was originally set for a $1.9 billion renovation. But now the cost has surged to $2.5 billion, a 32% increase.
The excuse? According to the Fed’s website:
Critics aren’t buying it.
“Lavish upgrades” and questionable cost hikes were grilled by Senate Republicans during Powell’s recent testimony.
President Trump Weighs In
President Trump blasted Powell earlier this week, calling the entire debacle a disgrace.
“I can’t imagine why the Fed would need a palace,” Trump said.“If Jerome Powell stepped down, it would be a great thing.”
