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 and Trump allies are accusing Powell of mismanagement and even perjury, with Rep. Anna Paulina Luna formally referring him to the Department of Justice for criminal investigation. The White House has seized on the renovation's ballooning costs as a pretext to pressure Powell, possibly to force his resignation or influence Fed policy. In response, Powell has asked the Fed's inspector general to review the renovation project and has publicly defended the necessity and transparency of the upgrades.
The controversy underscores broader political battles over the independence of the Federal Reserve and its leadership.
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