U.S. President Donald Trump has the authority to fire Federal Reserve Chair Jerome Powell for cause if evidence supports that, White House economic adviser Kevin Hassett said on Sunday and that the Fed "has a lot to answer for" on renovation cost overruns at its Washington headquarters.

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.