- Powell accused of lying to Congress over Fed building renovations.
- Criminal referral sparks fresh GOP calls for Powell’s early removal.
- Luxury upgrades revealed despite Powell’s claims of modest renovation work.
Federal Reserve Chair Jerome Powell is now at the center of a criminal referral filed by Representative Anna Paulina Luna, a Florida Republican and vocal ally of President Donald Trump. The referral accuses Powell of lying to Congress about the scale and details of the Federal Reserve’s ongoing headquarters renovation.
According to the criminal complaint, Powell’s testimony misrepresented the extent of the upgrades to the Fed’s historic Eccles Building. When he explained this to the lawmakers, he stated that only minimal updates occurred during the remodeling.
However, according to official planning documents purportedly provided to the National Capital Planning Commission, features of the highest end were projected, such as luxury marble interiors, rooftop gardens, and VIP dining rooms.
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The referral, which is to be sent to the Department of Justice, points out that Powell’s false statements might also involve perjury. Federal law provides possible sanctions in terms of fines and up to five years imprisonment for such offenses.
Luna demands that the differences between what Powell allegedly said and what is documented on the intended renovation plans be investigated by the appropriate jurisdiction.
Mounting Political Pressure and Calls for Removal
Conservative lawmakers have intensified calls for Powell’s removal in recent months, citing both the renovation controversy and broader dissatisfaction with his monetary policy decisions.
Although Powell was initially nominated by President Trump, most Republicans who are close to President Trump currently state that Powell has not provided the necessary assistance in policies that would back the economic agenda of the current regime.
As Luna sees it, Powell should be removed even before he finishes his four-year term in 2026, yet, according to President Trump, his firing at present seems highly improbable. Nevertheless, there are still Republicans who insist on replacing the Federal Reserve leadership because their decisions have been politically oriented under Powell.
Powell has requested an outside audit of the costs of the renovation of the project to address the allegations. Furthermore, the Federal Reserve has published a video tour of the facility upgrades as a part of its attempt to counter the accusations and retain the trust of people.
Powell’s criminal referral has further strained political issues over the Federal Reserve’s leadership. The issue may have tremendous ramifications on the central bank’s future as the case is under examination by federal authorities regarding the complaint.
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