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, adding that the Fed "has a lot to answer for" on renovation cost overruns at its Washington headquarters.

White House economic adviser Kevin Hassett suggested Sunday that Jerome Powell, chairman of the Federal Reserve, could be at risk of removal depending on answers related to the central bank’s $2.5 billion headquarters renovation.