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.
Republican lawmakers, 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 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 visits to inspect the site. 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 allies to undermine Powell's leadership and potentially justify his removal.
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