<p>Federal Reserve Chair Jerome Powell is facing accusations of lying under oath to Congress last week after denying the central bank&#8217;s $2.5 billion headquarters renovation would include lavish amenities like private dining rooms and special elevators, despite planning documents revealing precisely those features.</p>
<p>Government planning documents reviewed by the Senate Banking Committee, first <a href="https://nypost.com/2025/06/30/business/jerome-powell-accused-of-lying-to-congress-over-2-5b-palace-of-versailles-hq-revamp/">revealed</a> by the New York Post, directly contradict Powell&#8217;s claims, specifically mentioning &#8220;private dining rooms&#8221; and a &#8220;Governors&#8217; private elevator,&#8221; as well as &#8220;vegetated roof terraces&#8221; for &#8220;urban wildlife and pollinators.&#8221;</p>
<p>&#8220;There&#8217;s no VIP dining room, there&#8217;s no new marble. There are no special elevators,&#8221; Powell claimed under oath on Wednesday. &#8220;There are no new water features, there&#8217;s no beehives, and there&#8217;s no roof terrace gardens.&#8221;</p>
<p>Powell&#8217;s testimony directly contradicts government planning documents that have not been revised since their approval in 2021.</p>
<p>&#8220;The private dining rooms on Level 4 (of the Fed&#8217;s Eccles building) will be restored,&#8221; reads one excerpt from the filing with the National Capital Planning Commission. &#8220;The Governors&#8217; private elevator will be extended to discharge at the dining suite level.&#8221;</p>
<p>According to the Post, the filing also explicitly mentions &#8220;vegetated roof terraces&#8221; featuring &#8220;urban wildlife and pollinators&#8221; in addition to new marble and water features.</p>
<p>Senator Tim Scott (R-SC), chair of the Senate Banking Committee, branded the renovations &#8220;luxury upgrades that feel more like they belong in the Palace of Versailles.&#8221;</p>
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<p>Powell dismissed the price tag for the revamp, which exceeded the original estimate of $1.9 billion by 30%, saying in Wednesday&#8217;s hearing that &#8220;the cost overruns are what they are.&#8221;</p>
<p>Senator Cynthia Lummis (R-WY), a majority member of the committee, said Powell &#8220;was clearly not prepared for his testimony, and should be embarrassed.&#8221;</p>
<p>&#8220;He made a number of factually inaccurate statements to the Committee regarding the Fed&#8217;s plush private dining room and elevator, skylights, water features, and roof terrace,&#8221; Lummis told the Post. &#8220;This is typical of the mismanagement and &#8216;don&#8217;t bother me&#8217; attitude that Chair Powell has always shown.&#8221;</p>
<p>Andrew T. Levin, a professor of economics at Dartmouth College who served as an economist and advisor to the Fed&#8217;s board for 20 years, called for congressional action, slamming Powell in a statement to the Post.</p>
<p>&#8220;A top Fed official cannot be permitted to make false statements under oath at a congressional hearing. Such statements must be promptly corrected, and in egregious cases, subject to censure by the Senate,&#8221; Levin said.</p>
<p>Former Department of Government Efficiency chief Elon Musk previously called the news about the Fed&#8217;s headquarters revamp &#8220;an eyebrow raiser&#8221; and suggested the department should investigate the spending.</p>
<p>The controversy arises as the Fed grapples with mounting financial losses totaling $233 billion over the past three years, including a record $114.6 billion loss in 2023 — the first time in its history that the central bank has operated in the red.</p>
<p>Powell, whose term as Fed Chair ends in May 2026 unless renominated by President Trump, is facing scathing criticism from the president over the central bank&#8217;s refusal to cut interest rates, adding to the mounting pressure on the embattled Fed Chair.</p>

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‘Palace Of Versailles’: Fed Chair Lied About $2.5B HQ Renovation, Senators Say