A $2.5 billion renovation of the Federal Reserve's Washington, D.C. headquarters has become the latest flashpoint in a growing conflict between Fed Chair Jerome Powell and allies of former President Donald Trump.
Republican lawmakers, led by Rep. Anna Paulina Luna, have referred Powell to the Department of Justice for alleged perjury, claiming he misled Congress about the renovation's costs. The Trump administration has seized on the project's ballooning price tag as evidence of mismanagement, using it to intensify calls for Powell's removal. In response, Powell has defended the renovation as necessary modernization and has asked the Fed's inspector general to review the project's expenses.
The controversy underscores broader political tensions over the Fed's independence and fiscal policy as the 2024 election approaches.
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