Federal Reserve Chairman Jerome Powell is facing accusations of lying to Congress after denying lavish amenities in the $2.5 billion renovation of the central bank’s Washington headquarters. Despite Powell’s claims, planning documents show that the project will include private dining rooms, marble, and a new elevator.
Powell directly contradicted the documents during a Senate Banking Committee hearing, saying there are no VIP dining rooms or special elevators. However, excerpts from the National Capital Planning Commission reveal plans for “vegetated roof terraces” and “urban wildlife and pollinators,” as well as new marble and water features.
Andrew T. Levin, an economist who served on the Fed’s board, urges Congress to punish Powell for making false statements under oath. Senator Cynthia Lummis (R-Wyo.) agreed, saying Powell was not prepared for his testimony and made factually inaccurate statements about the renovation project.
The project’s cost has already increased by 30% from its original estimate of $1.9 billion, sparking concerns about taxpayer subsidies. The Fed is struggling with mounting losses, which stand at a total of $233 billion over the past three years.
Source: https://nypost.com/2025/06/30/business/jerome-powell-accused-of-lying-to-congress-over-2-5b-palace-of-versailles-hq-revamp