A $2.5 billion renovation of the Federal Reserve's Washington, D.C. headquarters has become the center of a heated political battle between the Trump administration and Fed Chair Jerome Powell.
Trump allies, including 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 White House has intensified scrutiny, with officials planning inspections and publicly criticizing the project's management and expense. Powell has defended the renovation as necessary modernization and has requested an inspector general review to address concerns over cost overruns.
The controversy reflects broader tensions between the Trump administration and the Federal Reserve over monetary policy and institutional independence.
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