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.
Republican lawmakers and Trump allies have accused Powell of mismanaging the project and even referred him to the Department of Justice for alleged perjury, seeking grounds for his removal. The White House has seized on the rising costs and design choices as evidence of fiscal irresponsibility, while Powell and the Fed defend the renovation as necessary modernization of historic buildings. In response to mounting political pressure, Powell has asked the Fed's inspector general to review the project's costs.
The controversy underscores broader political efforts to influence the central bank and its leadership.
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