Trump could potentially fire Fed's Powell over building renovations, Hassett says

President Trump could possibly fire Federal Reserve chair Jerome Powell over questions about the renovation of Fed facilities, National Economic Council director Kevin Hassett said Sunday.Why it matters: The administration's relentless efforts to get Powell to either cut interest rates or leave have called the future independence of the central bank into question.The mere threat of firing Powell caused a sell-off in markets earlier this year that sent interest rates soaring. Trump said as recently as Friday he won't fire Powell, but Hassett's comments appear to crack the door open again. Catch up quick: The administration has ramped up pressure on the Fed over cost overruns for its headquarters renovation project, which Hassett said on ABC's "This Week" was $700 million over budget. On Thursday, Office of Management and Budget head Ross Vought sent Powell a letter demanding answers to a series of questions about those overruns and project changes, and whether they complied with the law. Fed watchers see the building issue as an administration effort to build a case to oust Powell for cause. What they're saying: "I think whether the president decides to push down that road or not is going to depend a lot on the answers that we get to the questions that Russ Vought sent to the Fed," Hassett told ABC. Asked if Trump has the authority to fire Powell, Hassett said: "That's a thing that's being looked into, but certainly, if there's cause, he does." The intrigue: Hassett is widely seen as a leading contender to replace Powell, whose term as Fed chair expires in May.What to watch: Vought's July 10 letter gives Powell seven business days to respond, which takes him through the end of this week.That would potentially give Trump time to attempt action before the next Fed meeting, which starts July 29.

Comments

World news

Top Trump advisor reveals ‘absolute chaos’ behind the scenes of the Butler assassination attempt

Independent

Trump’s anger over Bolsonaro case leaves top adviser fumbling to justify ‘punishing’ tariffs on Brazil: ‘So, what is it?’

about 4 hours ago

Lawmaker says Alligator Alcatraz is an ‘internment camp’ after joint GOP-Dem visit: ‘Packed into cages’

Independent

Comments

Similar News

Secret Service’s ‘cascade of failures’ allowed Trump assassination attempt, report says

Trump’s latest tariffs ‘are real’ unless deals improve, economic adviser says

Trump officials deflect from "Alligator Alcatraz" scrutiny by pointing fingers at Biden

Trump defends US Attorney General Pam Bondi over Epstein files

EU pauses trade retaliation against US after Trump’s 30% tariff threat

Trump to attend FIFA Club World Cup final in New Jersey on anniversary of Butler assassination attempt

Judges are deporting record numbers of young children under Trump

Trump vs. BRICS

Canadian musician Matthew Good cancels U.S. shows to protest Trump tariffs

Rosie O’Donnell dismisses Trump’s threat to revoke her US citizenship

Could Trump really revoke Rosie O’Donnell’s citizenship?

Trump's paranoid security state

Trump wins big on the Supreme Court's "shadow docket"

Macron calls on EU to ‘defend European interests resolutely’ from Trump tariffs

Trump’s tariff chaos is making him look weaker by the day

Peter MacKinnon: Trump attack on DEI not the main story

Sick Children Will Be Among the Victims of Trump’s Big Bill

Advertisers flock to Fox seeking an ‘audience of one’ — Donald Trump

Ukraine-Russia war latest: North Korea to ‘unconditionally support’ Moscow as Trump vows to send weapons to Kyiv

Why Trump’s Abraham Accords Have Not Meant Mideast Peace

World news

Top Trump advisor reveals ‘absolute chaos’ behind the scenes of the Butler assassination attempt

Israeli airstrike kills children collecting water in Gaza, say officials

Lionesses thrash Wales to reach Euro 2025 knockouts

Cole Palmer inspires as Chelsea stun PSG to win the Club World Cup

Economy and Epstein: Gen Z MAGA wants results

Champagne problem for NYC Whole Foods as Studio 54-founder’s venture causes headaches: suit

Kentucky mass shooter wounds state trooper and others before he’s gunned down at church

England finally show some ‘f**king balls’ to set up thrilling final day at Lord’s

Red Wall MPs tell Reeves to stop letting OBR forecasts block spending

Multiple victims reported after Kentucky church shooting

Cameroon's 92-year-old president seeks 8th term amid health rumors and political challenges

Ecuador offers $100,000 reward for information on lawmaker accused of raping a minor

South African president suspends police minister and launches probe into alleged links to criminals

Multiple people injured after shooting at church in Kentucky

Israeli strikes kill at least 32 in Gaza as Palestinian war deaths top 58,000

RSF storms cattle market and prison in 'death trap' Sudanese city

Nigeria's former President Muhammadu Buhari dies at 82

Macron Increases Military Spending, Saying Freedom Is Threatened

South African President Opens Corruption Inquiry of Police Leader

Alberta’s transgender ban in sports exempts visiting out-of-province athletes

The dirty secret about AI in the office that has CEOs admitting millions of white-collar jobs will be replaced

Elon Musk rips Trump’s ‘boys and gals’ defense of AG Pam Bondi over Epstein-gate: ‘Worst post ever’

Trump’s anger over Bolsonaro case leaves top adviser fumbling to justify ‘punishing’ tariffs on Brazil: ‘So, what is it?’

Lawmaker says Alligator Alcatraz is an ‘internment camp’ after joint GOP-Dem visit: ‘Packed into cages’

Several injured as anti-migrant violence erupts in Spanish town

Trump says he wants to deport 'the worst of the worst.' Government data tell another story

Jannik Sinner ends Carlos Alcaraz’s Wimbledon reign to avenge French Open loss

Senate report details "preventable failures" surrounding Butler assassination attempt

Nigeria's ex-president Buhari dies at 82

French President Macron announces 6.5 billion euros in extra military spending in next two years

Macron announces 6.5 billion euros in extra military spending in next two years

Trump to meet NATO secretary general as plan takes shape for Ukraine weapons sales

Iran president was reportedly injured in Israeli strikes

EU delays retaliatory trade tariffs against US

Texas camp buildings were removed from map showing flood risks, US media reports

Former Nigerian leader Muhammadu Buhari dies aged 82

WestJet passengers evacuate on slides after engine fire at Vancouver airport

Environment Canada warns of heat and thunderstorms in southern Ontario

Anand says Indo-Pacific strategy will have economic focus but maintain values

Don Cherry ‘very disappointed’ by Ron MacLean’s comments about health, Hockey Night in Canada exit

‘Get out of here, you loser’: Border czar Tom Homan lays into heckler and later admits US citizens are swept up in raids

Texas floods mapped: Here are the affected areas as death toll rises

CCTV: Ukrainian intelligence officer shot dead in Kyiv assassination

Israeli strikes in Gaza kill at least 30 people including six children gathering water, hospitals say

Inmate escapes from French prison by hiding in bag of released cellmate

Police on high alert in France for PSG vs. Chelsea Club World Cup final in US

Feminist hero Gisele Pelicot receives France’s highest civilian honour

Seven absurd questions I heard in Wimbledon’s strange little room

EV buyers to be offered thousands off cost of new cars in £640m government scheme

Man Utd’s stance on Onana – plus the latest on Mbeumo, Rashford and Sancho

Fears of summer holidays measles surge as child dies amid falling vaccinations

How Alcaraz and Sinner compare to Djokovic, Federer and Nadal at similar ages

Streeting to give UK doctors priority on NHS jobs, but won’t boost pay offer

Small plane crashes and bursts into flames after take off at Southend airport

Trump officials deflect from "Alligator Alcatraz" scrutiny by pointing fingers at Biden

Elks look for a second win on Sunday as they host the B.C. Lions

Trump defends US Attorney General Pam Bondi over Epstein files