A $2.5 billion renovation of the Federal Reserve's headquarters has become the latest flashpoint in a heated political battle between President Trump’s allies and Fed Chair Jerome Powell.
Republican lawmakers, led by 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 Trump administration is using the project's ballooning price tag and alleged mismanagement as grounds to pressure Powell, with some officials seeking his removal. In response, Powell has defended the renovation as necessary modernization and has asked the Fed's inspector general to review the costs.
The controversy underscores broader tensions over the Fed's independence and the administration's efforts to influence monetary policy.
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