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 race to lead the Federal Reserve has taken on the tone of a reality show. Two Republicans are competing for the most influential economic post in the world. One has built a reputation on loyalty and adaptability.

Kevin Hassett has emerged as a serious contender to succeed Jerome Powell, posing a possible threat to Kevin Warsh, an early favorite for the post.

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."

Two Republicans named Kevin—Kevin Hassett, one of President Trump’s closest economic advisers and Kevin Warsh, a former Federal Reserve governor—are vying to be the next leader of the central bank. Th