A $2.5 billion renovation of the Federal Reserve's Washington, D.C. headquarters has become the center of a heated political battle between Fed Chair Jerome Powell and allies of former President Donald Trump.
Republican lawmakers, led by Rep. Anna Paulina Luna, have referred Powell to the Department of Justice for alleged perjury, using the renovation's ballooning costs as grounds for investigation and potential removal. The Trump administration claims mismanagement and extravagance, while Powell and the Fed defend the project as a necessary modernization of historic buildings that have not seen major upgrades since the 1930s. Powell has requested an inspector general review of the renovation to address concerns and push back against political pressure.
The controversy highlights ongoing tensions between the White House and the central bank, with the renovation serving as a flashpoint in broader disputes over monetary policy and Fed independence.
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