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 renovation's costs. The White House has seized on cost overruns and design choices as grounds to pressure Powell, with top officials planning inspections and demanding accountability. Powell has defended the project, citing decades-old infrastructure and transparency, and has called for an inspector general review to address concerns.
The controversy is widely seen as part of a broader effort by Trump and his allies to undermine Powell's leadership and potentially force his removal.
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