RINO Senator Thom Tillis is drawing a hard line against any future Federal Reserve nominations in light of a criminal investigation involving Fed Chair Jerome Powell. This inquiry stems from significant cost overruns in the renovation of the Federal Reserve’s Washington, D.C., headquarters. The estimated cost has surged from $1.9 billion to a staggering $2.5 billion.
Congresswoman Anna Paulina Luna voiced her concerns earlier this year, alleging that Powell committed perjury during testimony given to the Senate Committee on Banking, Housing, and Urban Affairs. In a letter to the Justice Department, Luna underscored that Powell had “made several materially false claims” regarding the renovation costs. She argued that Powell downplayed the escalation in expenses, characterizing major changes as “minor.” Luna’s findings, based on congressional investigation documents, challenge Powell’s claims and suggest that the renovations were anything but trivial.
The situation has drawn intense scrutiny, with U.S. Attorney for Washington, D.C., Jeanine Pirro, reportedly launching an investigation into Powell’s conduct last November. Senator Tillis, also a member of the Senate Finance Committee, has publicly declared his stance against confirming any nominee to the Federal Reserve—this includes the looming vacancy of the Fed Chair position—until the legal matters surrounding Powell are resolved. Tillis firmly stated, “I will oppose the confirmation of any nominee for the Fed until this legal matter is fully resolved.” This strong position reflects the ongoing political tensions and concerns about accountability at the highest levels of financial governance.
In the face of these allegations, Powell recently released a video message addressing the investigation. He expressed his respect for the rule of law and stated unequivocally, “No one, certainly not the chair of the Federal Reserve, is above the law.” However, he suggested that the investigation transcends the specifics of his previous testimony or renovation concerns. Powell asserted that the motivations underlying the investigation relate more to the Federal Reserve’s independence in setting interest rates compared to the president’s preferences. He characterized the DOJ’s actions as a response to the Fed’s commitment to economic stability over political pressures.
The unfolding drama around Jerome Powell highlights serious questions regarding transparency, accountability, and the integrity of Federal Reserve operations amid political scrutiny. As the situation develops, the implications for the Fed’s leadership and its future direction merit close attention.
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