A $2.5 billion renovation of the Federal Reserve's Washington, D.C. headquarters has become the latest flashpoint in escalating tensions between the Trump administration and Fed Chair Jerome Powell.
Republican lawmakers, led by Rep. Anna Paulina Luna, have referred Powell to the Department of Justice for potential perjury charges, alleging mismanagement and misleading Congress about the project's costs. The White House has seized on cost overruns and the project's scale as grounds to pressure or potentially oust Powell, while the Fed insists the renovations are necessary updates to historic buildings and comply with the law. Powell has defended the project in detailed letters and has asked the Fed's inspector general to review the renovation costs.
The controversy is widely seen as part of a broader effort by Trump allies to undermine Powell's leadership amid disagreements over monetary policy.
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