According to the American Broadcasting Company (ABC) and Reuters, on July 13 local time, White House economic advisor Hasset told ABC's "This Week" program that if there is a reason, President Trump has the right to fire Federal Reserve Chair Powell, and the Federal Reserve is "largely responsible" for the overruns in the renovation of its Washington headquarters.
Hasset photo, screenshot from CBS video
Hasset pointed out that whether Trump will fire Powell due to the "overrun of $700 million" will largely depend on the response of the Federal Reserve to inquiries from the Director of the Office of Management and Budget, Russell Vought.
When asked if the president has the right to fire the Federal Reserve Chair, Hasset said, "If there is a reason, he has that power."
This May, the U.S. Supreme Court made a ruling allowing Trump to remove two other independent federal officials, but hinted that Federal Reserve members would be particularly protected.
The above ruling temporarily eased concerns about Trump firing Powell. Recently, the expensive renovation of the Federal Reserve headquarters is considered an opportunity for Trump to meet the high legal threshold required to remove Powell as the chair of the Federal Reserve.
Notably, Hasset is seen as a strong contender for the next Federal Reserve Chair. The Wall Street Journal cited sources saying that Hasset met with Trump at least twice in June regarding the Federal Reserve position.
The report shows that 63-year-old Hasset worked at the Federal Reserve in the 1990s. For the past eight years, he has been on Trump's side. As Hasset becomes a potential candidate for the next Federal Reserve Chair, his public stance on the Federal Reserve has undergone a significant shift. He once claimed that his duty was to "remind people to respect the independence of the Federal Reserve," but recently, he has become one of the harshest critics of Powell, accusing the Federal Reserve's decisions of being based on partisan bias rather than economic data.
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