Powell accused of lying to Congress about Federal Reserve headquarter renovation

Federal Reserve Chairman Jerome Powell on Monday was accused of lying to Congress under oath last week about a multi-billion-dollar renovation of the Fed's headquarters.

He testified in front of the Senate Banking Committee last Wednesday about the luxurious renovation project, which would allegedly include lavish amenities like private dining rooms, special elevators and vegetated roof terraces. 

“There’s no VIP dining room, there’s no new marble. There are no special elevators,” Powell told senators. “There are no new water features, there’s no beehives, and there’s no roof terrace gardens.”

The chairman's denial is now being refuted by government planning documents, which specifically highlight those amenities and have not been revised since they were approved in 2021, the New York Post reported. 

“The private dining rooms on Level 4 (of the Fed’s Eccles building) will be restored,” one excerpt from the filing with the National Capital Planning Commission reads. “The Governors’ private elevator will be extended to discharge at the dining suite level.”

Senators have slammed the testimony, including Republican Wyoming Sen. Cynthia Lummis, claiming the chairman was "clearly not prepared" to testify about the renovations, which are projected to cost approximately $2.5 billion.

“He made a number of factually inaccurate statements to the Committee regarding the Fed’s plush private dining room and elevator, skylights, water features, and roof terrace,” Lummis told the outlet. “This is typical of the mismanagement and ‘don’t bother me’ attitude that Chair Powell has always shown.”

The latest criticism comes as President Donald Trump weighs firing Powell over his refusal to cut interest rates despite low inflation and strong jobs numbers. 

Treasury Secretary Scott Bessent has also indicated he would be open to replacing Powell, if that is what Trump wants.

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.