A $2.5 billion renovation of the Federal Reserve's headquarters has become the latest flashpoint in the ongoing feud between President Trump and Fed Chair Jerome Powell.
Trump allies in Congress have referred Powell to the Department of Justice for potential perjury charges, alleging mismanagement and misleading statements about the project's costs. The White House has intensified scrutiny, sending officials to inspect the renovation and using the ballooning price tag as leverage to pressure Powell. 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 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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