On Thursday, Chairman of the Board of Fannie Mae and Freddie Mac, Bill Pulte, said Fed Chair Jerome Powell may be criminally referred to the Justice Department for alleged perjury about the $2.5 billion building renovation plan.
“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 said on X.
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 (@pulte) July 17, 2025
An hour later, GOP Rep. Anna Paulina Luna criminally referred Jerome Powell over the renovation insanity.
I am criminally referring Jerome Powell to the DOJ to investigate perjury regarding his crazy $2.5BN building.
— Rep. Anna Paulina Luna (@RepLuna) July 17, 2025
Powell is under fire for the cost of renovating the Fed’s DC headquarters. The cost ballooned from $1.9 billion to $2.5 billion.
“Powell has asked the central bank’s inspector general to conduct an additional review of the ongoing renovation, CNN previously reported. Last month, some Senate lawmakers grilled Powell over what they depicted as lavish upgrades to its DC headquarters at Powell’s semiannual monetary policy hearing,’ CNN reported.
“The Fed’s renovation project was approved by its board in 2017 and originally cost $1.9 billion in 2019. Construction began in 2021, but the cost swelled to $2.5 billion because of “unforeseen conditions” requiring more spending to rectify, such as “more asbestos than anticipated, toxic contamination in soil, and a higher-than-expected water table,” according to the Fed’s website,” CNN reported.
President Trump earlier this week said Jerome Powell’s renovation scandal may be enough to fire him as the Fed Chair.
“I can’t imagine why the Fed would need a palace,” Trump said.
WATCH:
President Trump slams Jerome Powell for spending $2.5 billion on a luxurious renovation of the Fed while keeping our interest rates ridiculously high and costing us billions.
“If Jerome Powell stepped down, it would be a great thing.”
I can’t imagine why the Fed would need a… pic.twitter.com/OvzJTOsKbw
— Patriot Lady (@angelwoman501) July 14, 2025
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