A $2.5 billion renovation of the Federal Reserve's Washington, D.C. headquarters has become the latest flashpoint in the ongoing feud between President Trump and Fed Chair Jerome Powell.
Trump allies in Congress have referred Powell to the Department of Justice for alleged perjury, using the renovation's ballooning costs as a pretext to push for his removal. The White House has intensified scrutiny, sending officials to inspect the project and publicly questioning Powell's management. Powell has defended the renovation as necessary modernization and has requested an inspector general review to address concerns.
The controversy highlights deepening tensions over fiscal policy, Fed independence, and political influence on central banking.
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