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 is using the renovation as leverage to pressure Powell, with some officials visiting the Fed to inspect the project. Powell has defended the renovation as necessary modernization and has asked the Fed's inspector general to review the costs amid the controversy.
The dispute highlights broader tensions over the Fed's independence and the Trump administration's attempts to influence monetary policy.
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