Hassett, one of President Donald Trump’s longest-serving advisors, is in the running for the position, with former Fed governor Kevin Warsh, the Bloomberg report said, citing people familiar with the process. The two are reportedly contending in an “Apprentice-like contest” for the role, run by Trump out of the White House.

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.

Treasury Secretary Scott Bessent said Tuesday that President Donald Trump has no plan to fire Federal Reserve Chair Jerome Powell. “As President Trump said, he’s not looking to fire chair Powell,” Bessent said,