A $2.5 billion renovation of the Federal Reserve's Washington, D.C. headquarters has become the latest flashpoint in the ongoing conflict between President Trump’s 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 Trump administration has seized on the project's price tag and alleged mismanagement as grounds to pressure or potentially remove Powell, with top officials planning site visits and demanding further scrutiny. In response, Powell has defended the renovation as necessary modernization and has asked the Fed's inspector general to review the costs.
The controversy highlights deepening tensions over the Fed's independence and the administration's efforts to influence monetary policy.
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