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 and Fed Chair Jerome Powell.
Trump administration officials and Republican allies are scrutinizing the project's costs, accusing Powell of mismanagement and even referring him to the Department of Justice for potential perjury charges. The White House has used the renovation as leverage to pressure Powell on monetary policy, while Powell has defended the project as necessary modernization and requested an inspector general review to address concerns. The controversy has deepened partisan divides, with some Republicans calling for further investigations and oversight.
This battle reflects broader tensions over the Fed's independence and the Trump administration's efforts to influence central bank policy.
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