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 he misled Congress about the renovation's costs. The White House has seized on the project's price tag and alleged mismanagement as grounds to pressure or potentially remove Powell, while Trump aides plan site visits to scrutinize the renovations. Powell has defended the project as necessary modernization and has requested an inspector general review to address concerns.
The controversy underscores broader political efforts to challenge the Fed's independence and leadership.
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