The simmering rivalry between Federal Reserve Chairman Jerome Powell and MAGA “formally” escalated on Saturday.
And, perhaps surprisingly, President Donald Trump — not exactly a fan of Powell’s — is not the one leading this particular charge.
In a move announced Monday, Florida GOP Rep. Anna Paulina Luna announced that she had “formally referred” Powell to the Department of Justice for lying under oath.
You can view the Florida lawmaker’s X post (and accompanying Fox News graphic) below:
I have formally referred Jerome Powell to the DOJ for criminal investigation.
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… pic.twitter.com/heXcu2YTyX
— Rep. Anna Paulina Luna (@RepLuna) July 21, 2025
“I have formally referred Jerome Powell to the DOJ for criminal investigation,” Luna posted.
“Chairman Powell knowingly misled both Congress and executive branch officials about the true nature of a taxpayer-funded project,” she said. “Lying under oath is a serious offense — especially from someone tasked with overseeing our monetary system and public trust.”
Luna then doubled down on her post, sharing the letter she had sent to Attorney General Pam Bondi:
Should Jerome Powell be replaced?
— Rep. Anna Paulina Luna (@RepLuna) July 21, 2025
“On June 25, 2025, Chairman Powell provided testimony under oath before the U.S. Senate Committee on Banking, Housing, and Urban Affairs regarding the renovation of the Federal Reserve’s Eccles Building,” Luna wrote to Bondi. “In his statements, he made several materially false claims.”
Luna then cited the following quotes from Powell as being “materially false”:
“There’s no VIP dining room, there’s no new marble… there are no special elevators, just old elevators that have been there; there are no new water features, there’s no beehives, and there’s no roof terrace gardens.”
(Luna countered this by saying that nothing mentioned, except for the beehives, are included in the actual project plans.)
“When I was the administrative governor before I became Chair, I came to understand how badly the Eccles building really needed a serious renovation, had never had one.”
(Luna claimed that the Federal Reserve Board “conducted a comprehensive renovation of the Eccles Building from 1999 to 2003.”)
“These changes were intended to simplify construction and reduce the likelihood of further delays and cost increases.”
(Luna fired back: “While Powell presented the changes as simplifications, the actual project plans suggest the opposite.”)
Luna would explain to Bondi: “If Chairman Powell knowingly misrepresented these facts — whether in testimony before Congress or in formal correspondence to senior executive officials — such actions may constitute perjury or materially false statements under federal law.”
This is obviously different from Trump’s issue with Powell, as the president has long called on Powell to lower interest rates in the country — something the Fed chair has been reluctant to do.
That being said, if Luna’s formal referral has any legs, it may just push Trump to finally pull the trigger on firing Powell.
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