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 seized on cost overruns and design choices as grounds for scrutiny, with top officials planning inspections and demanding accountability. Powell has defended the renovation as necessary modernization and has requested an inspector general review to address concerns.
The controversy highlights deepening tensions over the Fed's independence and the administration's efforts to pressure Powell on monetary policy.
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