National Economic Council Director Kevin Hassett on Monday indicated that the expected Federal Reserve Chairman Jerome Powell would leave the board if he was satisfied with an upcoming Inspector General report on the ongoing renovation of the Federal Reserve building in Washington, D.C.

Powell faced a federal criminal probe over the renovation project, though the Department of Justice ended the investigation in April. He previously stated that he would not leave the Fed until the matter was settled.

Speaking on CNBC's "Squawk Box," Hassett opined “would guess that the off-ramp for [Powell] would be if the inspector general’s report comes out soon and he’s happy with the results.”

Powell's term as chairman is set to end this year, though his term as member of the Board of Governors is set to last until January 2028. He indicated in late April that he could stay past his chairmanship, remarking on the closure of the criminal probe by saying “I’m encouraged by recent developments, and I’m watching the remaining steps in this process carefully."

Federal Reserve Inspector General Michael Horowitz is expected to complete an independent review of the matter.

Ben Whedon is the Chief Political Correspondent at Just the News. Follow him on X.