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.
Trump allies, including Rep. Anna Paulina Luna, have referred Powell to the Department of Justice for alleged perjury, claiming he misled Congress about the project's costs. The White House has seized on the renovation's ballooning price tag as evidence of mismanagement, using it to justify calls for Powell's removal. Powell has defended the project as necessary modernization and has requested the Fed's inspector general review the costs to address concerns.
The controversy highlights broader political efforts to pressure the Fed and challenge its independence.
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