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, adding that the Fed "has a lot to answer for" on renovation cost overruns at its Washington headquarters.

The investigation into cost overruns on a renovation of Fed headquarters is drawing concern that it's a pretext to eventually fire the central bank chief.

Vice President JD Vance has accused Federal Reserve Chair Jerome Powell of being asleep at the controls while interest rates stay high and inflation slows. JD said, “The Fed has been totally asleep at the wheel.