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.
Republican lawmakers, led by Rep. Anna Paulina Luna, have referred Powell to the Department of Justice for alleged perjury, citing concerns over the project's ballooning costs and management. The White House and Trump allies are using the renovation as leverage to pressure Powell, whom Trump has repeatedly criticized for not cutting interest rates. In response, Powell has asked the Fed's inspector general to review the renovation's costs and defended the project as necessary modernization.
The controversy highlights deepening political tensions over the central bank's independence and fiscal oversight.
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