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.
Trump allies in Congress, led by Rep. Anna Paulina Luna, have referred Powell to the Department of Justice for potential perjury charges, alleging mismanagement and misleading testimony about the renovation's costs. The White House has seized on the project's ballooning price tag as a pretext to pressure Powell, with top Trump officials planning site visits and demanding oversight. Powell has defended the renovation as necessary modernization and has requested the Fed's inspector general review the costs to address concerns.
The controversy is widely seen as part of a broader effort by Trump and his allies to undermine Powell's leadership and potentially justify his removal.
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