Federal Reserve Chair Faces Investigation Amid Debate Over Central Bank Independence

Federal Reserve Chair Jerome Powell faces a criminal investigation related to a $2.5 billion renovation of the Fed's headquarters, raising concerns about the institution's independence amid political pressures. While some view the renovation costs as excessive, experts note such overruns are common in large projects. This situation highlights broader global challenges to central bank autonomy, with political interference threatening long-standing conventions that separate monetary policy from political influence.