Criminal Probe Sought for Fed Chair Powell Over Perjury Claims

Jerome Powell, the Federal Reserve Chair, is facing a criminal referral over alleged perjury during testimony on Fed headquarters renovations. The matter could affect stability in financial markets, with potential changes influencing monetary policy direction.

Lawmaker Accuses Powell of Misleading Congress Over Renovation

Rep. Anna Paulina Luna has initiated a criminal referral against Jerome Powell for alleged perjury concerning the $2.5 billion renovation of the Federal Reserve Building. Powell, appointed Fed Chair in 2018, allegedly misled Congress about project details, claimed Luna.

“Chairman Powell knowingly misled both Congress and executive branch officials about the true nature of a taxpayer-funded project. Lying under oath is a serious offense—especially from someone tasked with overseeing our monetary system and public trust.” – Rep. Anna Paulina Luna, Congresswoman

Market Yet to React to Powell Perjury Allegations

The criminal referral has prompted scrutiny of Powell’s actions, though financial markets show no immediate reaction. Comments criticize the project’s transparency and cost management. Powell confirmed efforts were made to oversee work carefully.

Past Leadership Struggles: Fed Chair History and Impact

Comparatively, disputes between Fed chairs and political figures are rare, with the Nixon-era controversies being similar historical examples. If Powell’s leadership ends prematurely, it could unsettle markets and incite volatility, echoing past reactions to abrupt Fed changes.

“We have taken great care to ensure the project is carefully overseen since it was first approved by the Board in 2917…I will not resign before my term as chair expires.” – Jerome Powell, Federal Reserve Chair