Jerome Powell reportedly referred to DOJ over perjury related to Fed building spending

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Full Story

Federal Reserve Chair Jerome Powell has reportedly been referred to the Department of Justice for criminal charges. The referral concerns alleged perjury tied to a $2.5 billion renovation project at the Federal Reserve’s headquarters.

The charge involves accusations that Powell may have misled officials about the nature or scope of the renovation. Details of the testimony in question were not disclosed in the report.

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The Context

The Federal Reserve building, located in Washington, D.C., is a key facility in managing U.S. monetary policy. Renovations of federal properties typically require congressional funding oversight.

Allegations of perjury, if proven, would mean Powell gave knowingly false statements under oath. Perjury remains a serious federal offense under U.S. law.

The Federal Reserve is expected to maintain independence from partisan politics, making criminal referrals against its leaders particularly rare. Any DOJ action would be subject to legal standards and internal review.

Critics of Powell have raised concerns about the scale and cost of the renovation. Supporters argue that maintaining the integrity and security of such a facility is essential.

The building’s renovation budget reportedly reached $2.5 billion, a figure some view as excessive. Others contend the cost reflects long-term infrastructure needs in a high-security federal building.

Reactions to the referral are divided, with some calling for immediate accountability. Others caution against politicizing an independent monetary institution.