Kevin Hassett, one of President Donald Trump’s longest-serving economic aides, is the early frontrunner to replace Jerome Powell as Federal Reserve chief next year, according to people familiar with the process.

President 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.

Kevin Hassett, one of President Donald Trump's longest-serving economic aides, is the early frontrunner to replace Jerome Powell as Federal Reserve chief next year, according to people familiar with the process.

White House National Economic Council Director Kevin Hassett discusses interest rates, calls from President Donald Trump to pick a new Federal Reserve chair and more on ‘Varney & Co.’

Patriotism is now being used as an inflation control strategy by the White House, according to economic advisor Kevin Hassett, who on Monday told CNBC’s Squawk Box that Americans are choosing to buy more local products because of President Trump.

Kevin Hassett, director of the National Economic Council and one of President Donald Trump's longest-serving economic aides, has emerged as the early frontrunner to replace Jerome Powell as Federal Reserve chief next year,

He also said that countries that export goods to the U.S. are eating the tariff costs themselves instead of passing them on to the buyers in the United States.

White House National Economic Council Director Kevin Hassett said President Donald Trump has seen outlines of trade deals ahead of the Aug. 1 tariff deadline. “The bottom line is that he’s seen some sketches of deals that had been negotiated with Howard Lutnick and the rest of the trade team,

Kevin Hassett, one of President Donald Trump’s longest-serving economic aides, is the early frontrunner to replace Jerome Powell as Federal Reserve chief next year, according to people familiar with the process.

Kevin Hassett, President Donald Trump’s longest-serving economic adviser, is a leading contender to become the next Federal Reserve chairman, a position with significant influence over interest rates and the US economy.

The president floated the idea of firing the Fed chief to lawmakers, then said such a move was "very unlikely."