Kevin Hassett, director of the National Economic Council, speaks on April 14, 2025 with reporters in the White House in Washington, DC, USA.
Kevin Lamarque | Reuters
Kevin Hassett, director of the National Economic Council, said on Sunday whether the Trump government has the authority to “examine” the chairman of the Federal Reserve Jerome Powell.
“But for sure if there is the cause, he does it,” said Hassett in ABC News' “this week” by Trump's authority to remove Powell before his term of office has expired next spring.
President Donald Trump said that he doesn't want to fire Powell, but Hassett's comments indicate that the White House is still considering – and possibly moving -.
Top officials of the Trump administration have escalated their criticisms of Powell in the past few days, especially if they aimed at the Renovation project of 2.5 billion US dollars of the Federal Reserve, which according to Hassett has exceeded the budget by $ 700 million.
Taxpayers do not pay for the renovation work. The Fed is financed by interest itself, which is calculated on securities of the institute and by fees.
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The office for management and budget director Russell accused Powell last week of “severely abusing the Fed” and said that he would obtain an investigation of the current project to renovate the Fed's headquarters.
Vougge's remarks suggested that the Trump government may lay the foundation for a cause for the removal of Powell – a common goal of the Trump administration – before its term of office has expired.
In an escalation, Vougt sent a list of questions to Powell last week and asked for answers to the renovation project.
Hassett said on Sunday that the answers to the questions of Vouugges could determine how the administration progresses.
“I think whether the president decides to push this street or not depends on the answers that we ask the questions that Russ has sent to the Fed,” he said.
Last week, the Federal Reserve rejected many questions from voughts with an updated website on the Fed website, which deals with some of the questions.
“As part of the project, no new VIP dining rooms will be built,” says the FAQS page on the website, which is answered directly to one of the questions of Vouugg.
The website was published on Friday, on the same day, on which VOUGHT on CNBC said that an investigation into Powell's management of the renovation project was justified.
While Trump only suggested on Friday that he didn't want to fire Powell, he has said in the past few weeks that he has some people in mind for the position when Powell's term of office runs next May.
Hassett is reportedly a top candidate who replaces Powell.
Another possible candidate is the former governor Kevin Warsh, according to Wall Street Journal.
Warsh was on Fox News' “Tomorrow with Maria” on Sunday and seemed to be a subtle way to start the position.
He called the renovation project “outrageous” and said that “the Fed lost its way”.
“It is lost, lost in the supervision, it is lost in monetary policy, and all this big money for large, chic buildings is just another indication,” he said.
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