Trump’s War on the Fed: The Official Narrative In early 2026, Donald Trump’s Department of Justice served Federal Reserve Chair Jerome Powell with grand jury subpoenas. The charge? Allegedly lying to Congress about the Federal Reserve’s billion-dollar renovation of its Washington, DC headquarters—the Eccles Building. Publicly released Federal Reserve budget filings show the project’s cost ballooned to more than double its original estimate, ultimately surpassing $2 billion, raising bipartisan questions about transparency and oversight. What appears on the surface as a dispute over construction spending has quickly escalated into something far larger: Trump versus Federal Reserve, a confrontation that exposes how deeply political the central bank has always been—despite its carefully maintained image of independence. To the public, this looks…
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