Trump Allies Target Fed Chair Powell Over $2.5 Billion Renovation, Escalate Calls for Criminal Probe

A $2.5 billion renovation of the Federal Reserve's headquarters has become the latest flashpoint in a political battle 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 project's costs. The White House has intensified scrutiny, sending officials to inspect the renovation and using cost overruns as leverage to pressure Powell. Powell has defended the project as necessary modernization and has asked the Fed's inspector general to review the expenses. The controversy is widely seen as part of a broader effort by Trump and his allies to oust Powell and influence central bank policy.