Federal Reserve Chairman Faces Perjury Indictment Over Eccles Building Renovation

The Federal Reserve Chairman is facing a criminal indictment for perjury, as a Republican congressperson from Florida has formally submitted a complaint to the Department of Justice. The congressperson alleges that the Chairman made false statements during two separate testimonies before Congress. The first instance occurred on June 25, 2025, during a hearing before the Senate Banking, Housing, and Urban Affairs Committee. The congressperson claims that the Chairman intentionally misled Congress and executive branch officials by concealing the true nature of a taxpayer-funded project.

The allegations center around the Chairman's testimony regarding the renovation of the Federal Reserve's Eccles Building. The congressperson argues that the Chairman made material false statements about the project's costs and luxurious amenities. Specifically, the congressperson points out that the Chairman described the cost increase from 19 billion to 25 billion as "minimal," which contradicts the findings of congressional investigators. Additionally, the congressperson asserts that the Chairman denied the existence of luxurious features such as a VIP private dining room, high-quality marble decorations, modern elevators, water features, and a rooftop garden, despite evidence to the contrary.

If proven, the allegations could have significant implications for the Chairman's tenure and the reputation of the Federal Reserve. The Department of Justice will now investigate the claims and determine whether to pursue legal action. The maximum penalty for perjury under U.S. law is five years in prison and a fine. This development comes at a time when the Federal Reserve is already under intense scrutiny for its monetary policies and their impact on the economy. The allegations of perjury add another layer of complexity to the ongoing debates about the role and responsibilities of the Federal Reserve.

The congressperson's move to seek criminal charges against the Chairman underscores the growing tensions between the legislative branch and the Federal Reserve. Critics have long questioned the transparency and accountability of the institution, and this latest development is likely to fuel further debate. The Chairman has denied all allegations of perjury and has directed the Federal Reserve to conduct a formal investigation into the Eccles Building renovation project. The Federal Reserve has also released a video tour and related proposal documents on its official website.

Despite the Chairman's denials, the congressperson's allegations and subsequent actions have raised further questions about the transparency and accountability of the Federal Reserve and its leadership. The Department of Justice's investigation will be crucial in determining the truth and ensuring that justice is served. As the investigation unfolds, it will be important for all parties involved to conduct themselves with integrity and impartiality. The outcome of this investigation could have far-reaching implications for the Federal Reserve and its role in the economy.