White House adviser hints that Trump may have the authority to fire Fed Chair Powell

On July 13, the White House economic advisor Hassett stated that if there is evidence to support it, President Trump has the authority to fire Fed Chairman Powell, adding that the Fed bears "a lot of responsibility" for the cost overruns on renovations at its Washington headquarters.

Hassett stated that any decision by Trump to fire Powell would largely depend on the Fed's response to the headquarters renovation issue. White House Office of Management and Budget Director Vought criticized Powell last week for "lying" about the Fed building renovation. Trump has repeatedly stated that Powell should resign because he has not lowered interest rates.