A $2.5 billion renovation of the Federal Reserve's Washington, D.C. headquarters has become the latest flashpoint in the ongoing conflict between President Trump and Fed Chair Jerome Powell.
Trump administration officials and Republican lawmakers have seized on the project's rising costs, accusing Powell of mismanagement and even referring him to the Department of Justice for potential perjury charges. The White House has demanded inspections and greater oversight, while Powell has defended the renovation as necessary modernization and invited the Fed's inspector general to review the project. The controversy is widely seen as part of a broader effort by Trump and his allies to pressure or remove Powell, amid disagreements over interest rate policy.
The dispute highlights deepening tensions over the independence of the central bank and the politicization of its leadership.
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