A $2.5 billion renovation of the Federal Reserve's Washington, D.C. headquarters has become the latest flashpoint in a growing conflict between the Trump administration and Fed Chair Jerome Powell.
Trump allies are seizing on the project's ballooning costs to accuse Powell of mismanagement and even perjury, with some calling for his removal and referring him to the Department of Justice for criminal investigation. The White House has intensified scrutiny, sending officials to inspect the renovation and publicly criticizing the expense. Powell and the Fed have defended the project as a necessary modernization of historic buildings, and Powell has requested an inspector general review to address concerns.
The controversy is widely seen as part of a broader effort by Trump and his allies to pressure the Fed on monetary policy and undermine Powell's leadership.
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