A $2.5 billion renovation of the Federal Reserve's Washington, D.C. headquarters has become the latest flashpoint in the ongoing feud between President Trump and Fed Chair Jerome Powell.
Trump administration officials and Republican lawmakers are accusing Powell of mismanagement and even perjury, using the renovation's ballooning costs as grounds for criminal referrals and calls for his removal. The White House has demanded inspections and greater transparency, while Powell has defended the project as necessary modernization and requested an inspector general review to address concerns. The controversy is widely seen as a political maneuver to pressure Powell amid disagreements over interest rate policy.
The dispute underscores deepening tensions between the central bank and the Trump administration as the 2024 election approaches.
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