A $2.5 billion renovation of the Federal Reserve's headquarters has become the latest flashpoint in a growing conflict between President Trump, his allies, and Fed Chair Jerome Powell.
House Republicans, led by Rep. Anna Paulina Luna, have referred Powell to the Department of Justice for potential perjury charges, alleging mismanagement and misleading Congress about the project's costs. The Trump administration has seized on the renovation's ballooning price tag as a pretext to pressure or potentially remove Powell, amid broader frustrations over the Fed's monetary policy. In response, Powell has asked the Fed's inspector general to review the renovation costs and has publicly defended the project as necessary modernization.
The controversy highlights deepening tensions between the White House and the central bank, with the Fed's independence and leadership now under intense political scrutiny.
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