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 ballooning price tag and design choices as grounds to pressure or potentially oust Powell, with Trump aides planning site visits and demanding further scrutiny. Powell has defended the renovation as necessary modernization and has asked the Fed's inspector general to review the costs in response to the criticism.
The controversy highlights deepening political interference in the central bank's operations and raises questions about the Fed's independence.
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