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.
Trump allies are accusing Powell of mismanaging the project and have referred him to the Department of Justice for alleged perjury, intensifying calls for his removal. The White House has sent officials to inspect the renovation and is using cost overruns as leverage to pressure Powell, who has defended the project as necessary modernization. Powell has responded by requesting an inspector general review of the renovation costs and publicly addressing the administration's concerns.
The controversy highlights deepening tensions over the Fed's independence and broader economic policy disputes.
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