Treasury Secretary Scott Bessent claimed the president is "not looking to fire" Powell, but noted that the search for his replacement is already underway.

WASHINGTON, July 13 (Reuters) - 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.

The Fed is self-funding and doesn’t need outside approval for building projects, according to the law that created the central bank.